Fraud-hit India’s Punjab National Bank records loss of £7.26 billion in Q1

Fraud hit India’s second largest state run bank, Punjab National Bank (PNB) continued with its loss for the second consecutive quarter ended in June for the financial year 2018-19. The bank recorded a net loss of 7.26 billion GBP during April to June period, compared with a profit of 2.65 GBP during the same period last year. PNB recorded its second biggest quarterly loss after it reported a quarterly loss of 103.64 billion GBP in the last quarter of the financial year 2017-18. The bank reported heavy loss on the back of multi crore fraud cases involving business giants Nirav Modi and Mehul…