HomeBusinessPNB reports fraud of Rs 3,688.58 cr in DHFL account

PNB reports fraud of Rs 3,688.58 cr in DHFL account

State-owned Punjab National Bank on Thursday said it has reported a fraud of Rs 3,688.58 crore in NPA account of Dewan Housing Finance Ltd (DHFL) to the RBI.

The DHFL came in the eye of the storm after a report suggested that the company, through layers of shell companies, allegedly siphoned off Rs 31,000 crore out of total bank loans of Rs 97,000 crore.

“A fraud of Rs 3,688.58 crore is being reported by Bank to RBI in the accounts of the Company (DHFL),” PNB said in a stock exchange filing.

The bank has already made provisions amounting to Rs 1,246.58 crore, as per prescribed prudential norms, it added.

In November last year, the Reserve Bank had sent the troubled mortgage lender DHFL for bankruptcy proceedings, making it the first financial services player to go to the NCLT for a possible debt resolution.

After alleged violations in the company came to light last year, various agencies, including SFIO, had initiated probe.

Subscribe to TheNews21

Stay Ahead with Independent Journalism

Investigations, political analysis and major national and global stories delivered directly to your inbox.

Stay Ahead with Independent Journalism

Investigations, political analysis and major national and global stories delivered directly to your inbox.

35 COMMENTS

  1. Join the millions winning colossal on fanduel casino Delaware – the #1 real in dough casino app in America.
    Get your $1000 OPERATE IT AGAIN gratuity and refashion every spin, хэнд and rolling into real readies rewards.
    Fast payouts, whopping jackpots, and continuous activity – download FanDuel Casino any longer and start playing like a pro today!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

spot_img

State-owned Punjab National Bank on Thursday said it has reported a fraud of Rs 3,688.58 crore in NPA account of Dewan Housing Finance Ltd (DHFL) to the RBI.

The DHFL came in the eye of the storm after a report suggested that the company, through layers of shell companies, allegedly siphoned off Rs 31,000 crore out of total bank loans of Rs 97,000 crore.

“A fraud of Rs 3,688.58 crore is being reported by Bank to RBI in the accounts of the Company (DHFL),” PNB said in a stock exchange filing.

The bank has already made provisions amounting to Rs 1,246.58 crore, as per prescribed prudential norms, it added.

In November last year, the Reserve Bank had sent the troubled mortgage lender DHFL for bankruptcy proceedings, making it the first financial services player to go to the NCLT for a possible debt resolution.

After alleged violations in the company came to light last year, various agencies, including SFIO, had initiated probe.

Html code here! Replace this with any non empty text and that's it.

35 COMMENTS

  1. Join the millions winning colossal on fanduel casino Delaware – the #1 real in dough casino app in America.
    Get your $1000 OPERATE IT AGAIN gratuity and refashion every spin, хэнд and rolling into real readies rewards.
    Fast payouts, whopping jackpots, and continuous activity – download FanDuel Casino any longer and start playing like a pro today!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

spot_img