Balrampur, Aug. 20 -- A massive financial fraud involving unauthorized transactions amounting to Rs 5.25 crore has come to light at the Punjab National Bank's (PNB) Nahar Balaganj branch, Balrampur, Uttar Pradesh.
Based on a formal complaint lodged by Puneet Mutreja, chief manager of the PNB Ayodhya division, a case has been registered against seven named individuals, including senior bank officials, and several unidentified persons for alleged embezzlement and criminal conspiracy.
According to the complaint, a probe revealed that the bank officials, in collusion with external entities, issued loans in the form of demand loans and overdrafts without approval from competent authorities and based on forged documents. Instead of crediting th...