Scam began in 2011, bank discovered it in January 2018: PNB MD

Punjab National Bank MD Sunil Mehta said Thursday that the massive Rs 11,400 crore scam his bank finds itself in began in 2011 but that the bank "detected it in the third week of January (2018)." 

Mehta added that "we promptly investigated it for 3-4 days, we went to CBI on 29 Jan and FIR was booked on (Jan) 30." 

"We got to know that two of our employees did some un-authorised transactions. The bank intiated criminal action against our staff members," Mehta said. 

"This is a standalone incident. It has taken place only in one of our branches," Mehta added. 

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PNB has the "capability and the capacity to come out of this", Mehta said.  

He added that "In response to our registered FIR, raids are being conducted on involved groups establishments; documents and records are being seized. Steps are being taken to protect financial interest of banks."