₹2,434 crore fraud: The state-owned Punjab National Bank (PNB) has reported to the Reserve Bank of India (RBI) about an alleged loan fraud against the former promoters of Srei Equipment Finance and Srei Infrastructure Finance. The alleged loan fraud reported by the bank PSU amounts to ₹2,434 crore.
Out of ₹2,434 crore alleged loan fraud flagged, ₹1,240.94 crore pertains to Srei Equipment Finance, while ₹1,193.06 crore relates to Srei Infrastructure Finance, PNB said.
In an exchange filing on Friday evening, PNB informed about the report to RBI, saying, “Pursuant to the applicable provisions of SEBI (LODFR) Regulations, 2015 and the Bank’s Policy for determining materiality of events/information required to be reported to the Stock Exchanges, it is hereby informed that the bank has reported borrowal fraud to RBI against the erstwhile promoters of the below mentioned entities: SREI Equipment Finance ( ₹1240.94) and SREI Infrastructure Finance ( ₹11 93.06 crore).”
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