After PNB, Punjab & Sind Bank detects Rs-238 cr fraud by Bhushan Power


Punjab & Sind Bank (PSB) said on Wednesday it has reported a Rs 238 crore ($34.58 million) fraud to the country's central bank, relating to allegations of diversion of funds by the indebted Bhushan Power & Steel Ltd.

Earlier this month, Punjab National Bank (PNB) said it had reported a borrowing fraud of Rs 3805 crore in Bhushan Power's account to the Reserve Bank of India (RBI). Both these banks are among a host of financial creditors who have claimed a collective Rs 47,303 crore from Bhushan Power, which the RBI referred.

This article is no longer available in our repository.

There could be multiple reasons for this.