Synopsis
PNB has flagged a Rs 2,434 crore borrowal fraud to the RBI linked to former SREI group promoters. The bank has already taken 100% provisions on exposures to SEFL and SIFL, both resolved under CIRP. The disclosure came post-market hours on Friday.
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ReutersPNB flags Rs 2,434 crore fraud linked to SEFL and SIFL, says full provisions already made.State-owned Punjab National Bank (PNB) on Friday said it has reported a borrowal fraud of Rs 2,434 crore to the Reserve Bank of India (RBI), involving the erstwhile promoters of SREI Equipment Finance (SEFL) and SREI Infrastructure Finance (SIFL).
The borrower fraud related to SEFL stood at Rs 1,240.94 crore and the PSU bank has made 100% provision for the outstanding amount, the lender said in its filing to the exchanges.
The amount for SIFL stood at Rs 1,193.06 crore and PNB has made full provision for its exposure to the company, the filing said.
Both companies were successfully resolved under the Corporate Insolvency Resolution Process (CIRP) by the National Company Appellate Tribunal (NCLT).
PNB disclosed the development after market hours; its shares closed 0.6% lower at Rs 120.25 on the NSE.
The cases had been referred for insolvency in October 2021 after the banking watchdog stepped in and superseded the boards of the companies amid concerns over governance and mounting repayment failures involving dues of nearly Rs 28,000 crore.
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