February 15, 2018 / 5:40 AM / 6 months ago

India's federal agency probing money laundering in bank fraud case: source

NEW DELHI (Reuters) - India’s Enforcement Directorate, a government agency that fights financial crime, will probe the possibility of money laundering in a $1.77 billion fraud case at the state-run Punjab National Bank (PNB), a finance ministry official said on Thursday.

A man exits Punjab National Bank's building as a stray dog walks past in Kolkata, India May 16, 2017. REUTERS/Rupak De Chowdhuri

PNB, the country’s second-largest state-run lender with assets of $120 billion, said in a regulatory filing that the fraud benefited “a few select account holders” and that it has reported the matter to law enforcement agencies.

This was an isolated case of a banking fraud and would be investigated by federal agencies, the finance official, who declined to be named as he was not authorized to speak to media, told Reuters.

Reporting by Manoj Kumar; Editing by Sanjeev Miglani

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