How did 2 PNB employees pull off the $1.77 billion fraud?
PNB, which detected $1.77-billion worth fraud transactions, said three firms linked to jeweller Nirav Modi had approached it for Buyer's Credit to pay overseas suppliers. Two bank employees fraudulently approved them without making entries in the bank system. Based on these fake approvals, foreign branches of Allahabad Bank and Axis Bank appeared to have advanced money to these firms abroad.