Internal probe into PNB fraud reveals major red flags

PNB's internal probe has discovered that widespread risk-control and monitoring lapses led to the $2 billion fraud. The probe report blamed the failings of 54 PNB officials including clerks, foreign exchange managers, auditors and heads of regional offices. PNB’s Brady House branch, where deputy manager Gokulnath Shetty issued fraudulent credit guarantees for years, was found to be at the center of the fraud.