In one of the biggest fraud cases to hit Indian banking, the country's second-largest lender Punjab National Bank (PNB) informed stock exchanges on Wednesday that it has been hit by embezzlement amounting to Rs 11,300 crore at one of its branches in Mumbai. Here is how the fraud took place: 1. The scam started in 2011. We ourselves found out about the fraud and reported it to the concerned agencies, Punjab National Bank (PNB) MD Sunil Mehta said in a presser on Thursday. 2. We detected the fraud on January 3. We got to know that 2 of our employees did some un-authorized transactions. The bank initiated criminal action against our staff members, the PNB MD said. This is a standalone incident. It has taken place only in one of our branches, Mehta said. 3. We have lodged FIRs and complaints. PNB has capability and capacity to come out of this, Mehta said. We have not shirked in our responsibility, he added. 4. On Thursday, the Enforcement Directorate (ED) reg...