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Indian govt sacks two Punjab National Bank execs over US$2b fraud


Punjab National Bank said the government had removed K. Veera Brahmaji Rao and Sanjiv Sharan "from the office of executive director" with immediate effect.

Punjab National Bank said the government had removed K. Veera Brahmaji Rao and Sanjiv Sharan "from the office of executive director" with immediate effect.

NEW DELHI: India has sacked two senior executives of state-run Punjab National Bank (PNB) for allegedly failing to prevent a US$2 billion fraud, two sources with direct knowledge of the matter said on Sunday, nearly a year after the country's biggest bank scam came to light.

The firing of the two executive directors, whom the federal police have accused of breaching central bank guidelines, is the first instance of sacking of the bank's employees since it said that billionaire diamond jeweller Nirav Modi and his uncle had for years fraudulently raised billions of dollars in foreign credit by conspiring with staff at the bank.

Corporate News , Banking

   

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