PNB reports another fraud! Bank defrauded of Rs 2,060 crore by THIS company
Zee News
According to PNB, the fraud account belonged to the IL&FS Tamil Nadu Power at the Extra Large Corporate Branch in Delhi zonal office.
New Delhi: In yet another scam, the Punjab National Bank (PNB) has reported a borrowal fraud amounting to Rs 2060.14 crore in the Non-Performing Asset (NPA) account of a thermal power company.
According to PNB, the NPA account belonged to the IL&FS Tamil Nadu Power at the Extra Large Corporate Branch in Delhi zonal office. In an official disclosure, PNB said that fraud of Rs 2060.14 crore is being reported to the RBI in the accounts of the company.
“The bank has already made provisions amounting to Rs 824.06 crore, as per prescribed prudential norms," PNB added in its disclosure.
Based out of Chennai, IL&FS Tamil Nadu Power is a special purpose vehicle set up by Infrastructure Leasing & Financial Services Ltd (IL&FS). The state-funded infrastructure development and finance company had set up IL&FS Tamil Nadu Power under its energy platform for the implementation of thermal power projects. These projects are located at Cuddalore in Tamil Nadu.
Last month, the Punjab & Sind Bank (PSB) had declared IL&FS Tamil Nadu Power as a bad asset with dues of more than Rs 148 crore and reported it to the Reserve Bank of India.
