BrahMos WORLD INDIA MADHYA PRADESH BHOPAL WTN SPECIAL Astrology GOSSIP CORNER SPORTS BUSINESS FUN FACTS ENTERTAINMENT LIFESTYLE TRAVEL ART & LITERATURE SCIENCE & TECHNOLOGY HEALTH EDUCATION DIASPORA OPINION & INTERVIEW RECIPES DRINKS FUNNY VIDEOS VIRAL ON WEB PICTURE STORIES
WTN HINDI ABOUT US PRIVACY POLICY SITEMAP CONTACT US
logo
Breaking News

Punjab & Sind Bank flags Rs 238.3 cr fraud by Bhushan Power & Steel

Thursday - July 18, 2019 11:34 am , Category : BUSINESS
Mumbai, July 18 (IANS) After the Punjab National Bank and the Allahabad Bank, Punjab and Sind Bank has reported a Rs 238.30 crore fraud by the Bhushan Power and Steel company.
In a regulatory filing on Wednesday, Punjab and Sind Bank said it has been defrauded of Rs 238.30 crore by the Bhushan Power and Steel company (BPSL).
"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 banking system, a fraud of Rs 238.30 crore is being reported by the bank to the RBI," it said.
However, the bank said that "in the accounts of the company (BPSL), the bank has already made provisions amounting to Rs 1,89.35 crore, as per prescribed prudential norms".
The state-run bank further noted that it has been observed that the company has misappropriated bank funds, manipulated account books to raise funds from consortium lender banks.
At present, the case is at the National Company Law Tribunal (NCLT) in an advance stage and the bank expects good recovery in the account, the Punjab and Sind Bank said.

--IANS ravi/mag/