PNB reports borrowal fraud The bank said that it has already made a provision of Rs 824.1 crore as per the prescribed prudential norms. 2060.14 crore fraud has been reported by the bank in the accounts of the company to the RBI.
Punjab National Bank (PNB) on March 15 reported fraud of Rs 2,060 crore in the NPA account of IL&FS Tamil Nadu Power Company Limited (ITPCL). The bank said that it has already made a provision of Rs 824.1 crore as per the prescribed Prudential Norms.
Fraud of Rs 2060.14 crore has been reported by the bank to the RBI in the accounts of the company. The bank has already made provision of Rs 824.06 crore as per the prescribed prudential norms,” PNB said in a regulatory filing.
A month back in February, Punjab & Sind Bank had declared a fraudulent account to IL&FS Tamil Nadu with dues of Rs 148 crore. The lender had said in the regulatory filing, “It is informed that an NPA account, viz., IL&FS Tamil Nadu Power Company Ltd., having an outstanding of Rs 148.86 crore, has been declared as fraud and reported to RBI.” Is.”
The company was set up as a Special Purpose Vehicle (SPV) by debt-laden Infrastructure Leasing and Financial Services Limited (IL&FS) under its energy platform IEDCL for implementation of thermal power projects in Cuddalore, Tamil Nadu.
According to the affidavit submitted by IL&FS before the National Company Law Appellate Tribunal (NCLAT), as of April 2020, ITPCL owed Rs 6,700 crore to lenders and about Rs 900 crore to IL&FS group entities. IL&FS had already initiated the restructuring of ITPCL, including selling its stake to the Tamil Nadu government and other stakeholders, but it was unsuccessful.
It is worth noting that the government is very active regarding fraud cases with banks and continuous steps are being taken in this regard. Along with this, the government has also tightened the noose against those who have fled abroad by fraud.
