FinanceInFocus

PNB Reported Another Financial Fraud of 3000 Crore by Bhushan Power

Sharing is caring!

Another fraud, this time amounting to Rs 3,805.15 crore has been reported at the state-run Punjab National Bank (PNB), this time by the now-insolvent Bhushan Power and Steel Ltd (BPSL). In a regulatory filing on Saturday, PNB said that BPSL had misappropriated funds and manipulated books of accounts to raise funds from consortium lender banks.

Last year, the Rs 13,500-crore scam involving diamantaires Nirav Modi and Mehul Choksi had come to light at the PNB. “On the basis of forensic audit investigation findings and the CBI filing a sou motu FIR against the company and its directors alleging diversion of funds from the banking system, a fraud of Rs 3,805.15 core is being reported by bank to the RBI (Reserve Bank of India),” said the statement.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: