Punjab National Bank fraud case: Bank transfers 1,415 employees post scam 

It has been alleged that certain employees involved in the scam remained posted in the same position and the same branch for a very long time in violation of the HR policy.

Published: 23rd February 2018 12:47 AM  |   Last Updated: 23rd February 2018 12:47 AM   |  A+A-

Punjab National Bank (File photo | AFP)

By PTI

NEW DELHI: Punjab National Bank (PNB) has transferred 1,415 employees after the scam involving Rs 11,400 crore, using fake letters of undertakings (LoUs) to diamond jeweller Nirav Modi and associates, surfaced earlier this month.

Modi has allegedly cheated the country's second-largest bank through issuance of LoUs in connivance with a few officials of the bank from one of its Mumbai branch.

The bank filed a FIR in this regard on February 13.

The Bank has transferred 257 sub staff, 437 clerks and 721 officers (total 1,415 employees) since February 19, 2018, as per prevailing Rotational Transfer Policy of the Bank," PNB said in a statement.

It however denied reports that the bank has transferred close to 18,000 employees saying it is "factually incorrect".

It has been alleged that certain employees involved in the scam remained posted in the same position and the same branch for a very long time in violation of the HR policy.

On February 19, the Central Vigilance Commission (CVC) had held a meeting with senior officials of PNB to enquire about the scam involving Nirav Modi and his uncle Mehul Choksi of Gitanjali group.

The lender further said that its branches are functioning smoothly and the "transfers are in no way affecting the customer service in the bank".



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