Jul 07, 2019, 10:44:11 AM | GIST
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PNB reports Rs 3,800 crore fraud by Bhushan Power and Steel

Punjab National Bank reported a fraud on Saturday of over Rs 3,800 crore by Bhushan Power and Steel. It is a non-performing asset for lenders and is facing insolvency action. The intimation to the RBI follows a forensic audit investigation by the CBI, which has filed an FIR against the company and its directors, alleging diversion of funds. The decision was taken by a consortium of lenders led by the SBI, which has also informed the RBI.

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