PNB Scam: Did RBI freeze Punjab National bank’s all accounts?

PNB Scam: Did RBI freeze Punjab National bank’s all accounts?

PNB Scam: Did RBI freeze Punjab National bank’s all accounts?


As we all are aware about Nirav Modi and his $1.77-billion PNB scam. And when Nirav Modi ran away from the country then so many fake news started to circulate on social media. As “Did Nirav Modi bribe to congress to escape from India.” And now one more fake news is being circulated on social media that RBI freezed all the accounts of Punjab National Bank.

Fake Messages which is circulating on social media:

PNB fake news

PNB Fake news


So many people are sharing this message on their social media accounts.


Reality of this message:

As people are claiming in the above message that RBI freezes all the accounts in PNB. But in reality RBI has not taken any such types of step. In Punjab National Bank people are still able to do the banking as usual.

The statement of RBI on Punjab National Bank is:

There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 billion that has surfaced in Punjab National Bank (PNB), the Reserve Bank of India (RBI) has directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks. RBI denies having given any such instructions.

The fraud in PNB is a case of operational risk arising on account of delinquent behaviour by one or more employees of the bank and failure of internal controls. RBI has already undertaken a supervisory assessment of control systems in PNB and will take appropriate supervisory action.

Jose J. Kattoor
Chief General Manager

Press Release: 2017-2018/2233





Punjab National Bank also assured to their customers for the prompt steps to protect the financial interest of all the lenders/stakeholders.

Complete statement of Panjab National Bank:

Punjab National Bank is committed to honour all bonafide commitments. In pursuant of Clean and Responsible Banking agenda of the Government, Bank has taken proactive steps to bring the culprits to the books and initiated strong action against the Companies and the staff involved.
1.  Bank has already initiated prompt steps for protecting the financial interest of all the lenders/stakeholders including issuance of advisory to lenders involved and to act swiftly to recover the dues.
2. The fraud which was detected by the Bank recently is a standalone incident in one of our branches. It started in March, 2011. We have put our Inspection & Audit Department into action and have not found any other similar incidence.
3. Punjab National Bank has proactively detected and reported this fraud to various Law and Enforcement Agencies and as per the media reports Enforcement Directorate has initiated raids for booking the culprits & to safeguard the financial interest of the lenders.
4. The Bank has kept the other member banks participating in the consortium funding of these two Groups involved to protect the financial interest of banking system at large.
5. Bank has decided to come-on heavily on everyone who was involved in such fraudulent activities so as to pursue clean banking and reforms agenda of the Government.

For more information please visit here.

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