PNB reports ₹2,434 crore fraud involving Srei Group companies
after close1 source ↓written by the desknot a recommendation
- involving former promoters
- ₹2,434 crore fraud
- for the outstanding
- 100% provisioning
Punjab National Bank (PNB) disclosed a ₹2,434 crore fraud involving former promoters of Srei Equipment Finance and Srei Infrastructure Finance. The bank confirmed full recovery of the amount, having made 100% provisioning for the outstanding loans, ensuring no financial impact. PNB has notified the RBI about the incident.
Not investment advice. For informational purposes only.