Indian Bank Hit by Third Huge Fraud

One of India’s biggest state-run banks said it had fallen victim to its third multimillion-dollar fraud in as many years, a stark illustration of the bad debts and weak defenses against misconduct that plague the country’s financial system. Punjab National Bank said late Thursday that a customer, the ailing property lender Dewan Housing Finance Corp., had defrauded it of the equivalent of $491 million. In a separate statement, the bank said its board had approved a plan to raise about $1.33 billion by selling shares and bonds….

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