PNB Reports ₹2,434 Crore Loan Fraud Linked to Erstwhile SREI Promoters

Punjab National Bank (PNB) has reported a loan fraud of ₹2,434 crore to the RBI, involving the erstwhile promoters of SREI Equipment Finance and SREI Infrastructure Finance. The bank has made 100% provisions for the outstanding amounts.

• PNB flagged a ₹2,434 crore borrowal fraud to the RBI.
• Fraud linked to erstwhile promoters of SREI Equipment Finance and SREI Infrastructure Finance.
• PNB has made full, 100% provisions for the outstanding amounts.
• SREI entities were previously resolved under NCLT through CIRP.
• Fraud comprises ₹1,240.94 cr for SEFL and ₹1,193.06 cr for SIFL.

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