Punjab & Sind Bank reports about Rs 238 orecr fraud by Bhushan Power
Updated : July 18, 2019 07:29 AM IST
"On the basis of forensic audit investigation findings and CBI filing FIR, on suo moto basis, against the company and its directors, alleging diversion of funds from the banking system, a fraud of Rs 238.30 crore is being reported by the bank to RBI," the bank said in a regulatory filing.
Earlier, Punjab National Bank (PNB) had also reported to the RBI about a fraud worth Rs 3,805.15 crore by Bhushan Power and Steel.
Around 85 percent of PNB's Rs 4,399 crore exposure to the company had been siphoned off.