Punjab national bank

Share Department, Finance Division, HO Plot No. 4 Sector 10, Dwarka, New Delhi-110075

Tel Nos : 011-28044866 E-mail : hosd@pnb.co.in 

Script Code : PNB Script Code : 532461
The Asst. Vice President

National Stock Exchange of India Limited “Exchange Plaza”,

Bandra — Kuria Complex, Bandra (E), Mumbai – 400 051

The Dy. General Manager

Bombay Stock Exchange Limited

1St Floor, Phiroze Jeejeebhoy Towers Dalai Street, Mumbai — 400 001

Date: 22.02.2018

Dear Sir

Reg: Required Clarifications and updates – Punjab National Bank

SI. Query Our Reply
1. It has been observed that the quantum of the amount of fraud was initially reported by the bank as Rs. 280 crores and in a subsequent disclosure the amount was reported as approx. Rs. 11000 crores. The bank is requested to clarify on the increased amount reported in sequential filings. On 05th February, 2018, we on the basis of preliminary investigation report, informed simultaneously to our Board as well as to BSE and NSE of initial fraud case of Rs. 280.70 cr.

Upon receiving further investigation report enhancing the fraud amount to Rs. 11394.02 cr. (US $ 1.77 bn.) FMR with RBI, FIR with CBI were filed in evening of 13th February, 2018 and information with BSE & NSE on 14th February, 2018 around 9.00 am.

2. The bank had not reported the filing of the FIR with CBI at the occurrence of the event, but was informed in a subsequent reply in response the clarification sought by the Exchange. Since law enforcing agencies were assigned to investigate the matter, any news in public would have alerted the fraudster affecting recovery.
3. The impact of the event on the financials and operations of the Bank. We have enough assets / capital to meet any liability which is decided as per law.
4. PNB closed all option to recover dues by going public: Nirav Modi. We have followed lawful avenues available to us as per law of land to recover our dues.
5. CBI arrests three more Punjab National Bank men for fraud We  are awaiting written reply from
Disciplinary Authority.


Thanking You,

Yours faithfully,

(Balbir Singh)

Company Secretary

PNB Scam Clarification on NIrav Modi Statement

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Tags : frauds (105)

4 responses to “PNB clarifies on Nirav Modi Statement on making Fraud Public”

  1. Surendera Bhanot says:

    The problem is not that the bank is having enough assets to meet the liability towards its customers, the bigger question is that what was the management and its vigilance mechanism and the auditors were doing?? Are they all part of the game?? Are the management trying to save themselves and the other big fishes, Political, bureaucratic and corporate??

    PNB is required to come open on all these questions and come out in open by naming the real people behind the fraud!!

  2. Nandan kumar ghosh says:

    Fine reply by PNBthat they have enough assets o f
    Nirav Modi to recover Rs 11500 crore then why Nirav is absconding He knows that Govt will repay the value
    ornments he presented to Madam Obama alongwith
    some more blessings will make good PNB loss
    So this our system to pay for corruption This is our system and failure is exploitation of the system

  3. Ravi says:

    Such a staid questionaire and run-of-the mill response can emanate only from an Unholy alliance between a rogue businessman, a fraudster bank and a sleeping regulatory authority. They have bought shame to the whole country.

  4. sushil das says:

    what is the PNB assets under mmgt

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