Mamata Banerjee demands time-bound investigation into PNB fraud

West Bengal Chief Minister Mamata Banerjee today demanded a thorough and time bound investigation into the fraud in state-owned Punjab National Bank.

She said that a scam of over 11,000 crore has taken place and the people's savings are not safe.

"Look what happened at Punjab National Bank. A scam of more than Rs 11,000 crore. People's savings are not safe.

There must be a thorough, time bound enquiry," she said in a tweet.

In what could be the biggest banking fraud in India, PNB had yesterday said that it has detected a USD 1.77 billion (about Rs 11,400 crore) scam in which billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

PNB has suspended 10 officers and referred the matter to the CBI for investigation.