Punjab National Bank (PNB) reports new borrowing fraud worth Rs 1,203 crore by Ahmedabad-based Sintex Industries Ltd,
New Delhi: Punjab National Bank (PNB) has reported a new borrowing fraud worth Rs 1,203 crore by the troubled Ahmedabad-based Sintex Industries Ltd, whose debt-restructuring plan was rejected by lenders in December last year. In a regulatory filing on Wednesday, the government-owned PNB said it has made a provision of Rs 215.21 crore, which is required by law, after it detected the fraud at its corporate banking branch in Ahmedabad. "Reporting of borrowal fraud of Rs 1203.26 crore in NPA account of M/s Sintex Industries Ltd (SIL)…