Home / Business and Economy / PNB Flags ₹2,434 Crore Fraud in Srei Entities
PNB Flags ₹2,434 Crore Fraud in Srei Entities
27 Dec
Summary
- PNB reported a total alleged loan fraud of ₹2,434 crore.
- ₹1,240.94 crore pertains to Srei Equipment Finance.
- ₹1,193.06 crore relates to Srei Infrastructure Finance.
Punjab National Bank (PNB) has reported a significant alleged loan fraud involving former promoters of Srei entities to the Reserve Bank of India (RBI). The total amount flagged for fraud stands at ₹2,434 crore, signaling a major financial concern.
This substantial figure is distinctly divided between two key companies within the Srei group. Out of the total, an amount of ₹1,240.94 crore has been attributed to Srei Equipment Finance. Additionally, ₹1,193.06 crore is associated with Srei Infrastructure Finance, highlighting the broad impact of the alleged fraud.
The bank made this formal disclosure to the RBI following established procedures under SEBI regulations for reporting material events. This action underscores PNB's commitment to financial transparency and regulatory compliance in addressing such serious allegations.
