Punjab National Bank has reported a borrowal fraud of Rs 2,434 by former promoters of two companies of the SREI Group. In an exchange filing, the public sector bank disclosed a borrowal fraud of Rs 1,240.94 crore by SREI Equipment Finance Ltd and another borrowal fraud of Rs 1,193.06 crore by SREI Infrastructure Finance Ltd.
In the exchange filing, Punjab National Bank stated that it has reported borrowal fraud to RBI against the former promoters of the companies. The bank added that it has made provision for 100 per cent of the outstanding amount.
The bank added that the concerned companies were successfully resolved under the Corporate Insolvency Resolution Process (CIRP) by NCLT.