Op risk data: Mifid fines hit $140m

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Punjab National Bank
Punjab National Bank reported a $550m fraud loss

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The largest operational risk loss in July is from a familiar source: a fraud at an Indian bank. Punjab National Bank reported a 38.1 billion rupee ($555.6 million) loss from Bhushan Power & Steel, which is accused of manipulating its accounts to raise funds from a consortium of lenders and misappropriating bank funds.

Bhushan’s former chief financial officer and director, Nittin Johari, was arrested by Indian police in May 2019 over

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