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Punjab & Sind Bank Discloses Rs 238 Cr Fraud by Bhushan Power

After disclosures made by Punjab National Bank and Allahabad Bank recently, state-owned Punjab and Sind Bank reported over Rs 238 crores fraud by  Bhushan Power and Steel Ltd. This is the third instance standing against Bhushan Power and Steel Ltd.
In a regulatory filing, Punjab and Sind Bank said, “Based on 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. In the accounts of the company, the bank has already made provisions amounting to Rs 189.35 crore, as per prudential norms.”
Read EquityPandit’s Nifty Bank Outlook for the Week
“At present, the case is at NCLT which is in advance stage and the bank expects a good recovery in the account,” it added further. Earlier, Allahabad Bank had reported to RBI about fraud of Rs 1,774.82 crore by BSPL.

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