The demonetization of high value notes in India has led to a string of incidents pointing to previously undisclosed transactions in the country.

On Wednesday, India’s Punjab National Bank (PNB) stated it has detected “fraudulent and unauthorized” transactions worth more than $1.77 billion at one of its branches in Mumbai.

In a statement, PNB said, the said transactions were “for the benefit of a few select account holders with their apparent connivance” and that “based on these transactions other banks appear to have advanced money to these customers abroad.”

Although the bank did not disclose the names of the people involved, it said it has reported the matter to law enforcement agencies and is in the process of figuring out whether it faces any liabilities arising out of these transactions.

With this news reaching the market, PNB’s shares dipped by 5.7% in early trading.

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Tags: black money, demonetisation, demonetization, economy, fraudulent, India, Indian, Mumbai branch, PNB, Punjab National Bank, transactions, unauthorized