FinanceInFocus

PNB Reported Another Financial Fraud of 3000 Crore by Bhushan Power

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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.

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