Scandal-Hit Punjab National Bank Reports $492 Million Fraud

India’s second-largest money lender Punjab National Bank declared its Rs 3,600 crore exposure to Dewan Housing Finance (DHFL) as a fraudulent account.

The exchange filing, dated July 9, read: “A fraud of Rs 3688.58 crore in the NPA account of Dewan Housing Finance (DHFL) at Large Corporate Branch at Mumbai, Zonal Office, Mumbai. A fraud of Rs 3688.58 crore is being reported by the bank to RBI in the accounts of the company (DHFL).”

The filing undersigned by Company Secretary Ekta Pasricha further mentioned that the bank has already made provisions amounting to Rs 1246.58 crore as per prescribed prudential norms, which is in compliance with Sebi regulations. (Copied from https://www.moneycontrol.com/news/india/pnb-dec...)

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