View: PNB fraud raises too many questions to rule out wider collusion

Punjab National BankBSE -2.10 % (PNBBSE -2.10 %) has pinned a $1.8 billion fraud, the biggest in India’s banking history, on two branch-level employees. That’s the kind of baloney only fools should believe. The duration and magnitude of the fraud raises too many questions to rule out wider collusion. 

It also rules in wilful negligence and a collapse of risk mitigation across the banking system. For a start, it seems several norms were flouted in crafting allegedly unlawful letter ..