Punjab National Bank reports loan fraud worth over ₹2,400 crore

Punjab National Bank on Friday revealed it has reported loan fraud worth over ₹2,400 crore to RBI against erstwhile promoters of SREI Infrastructure Finance Limited (SIFL) and SREI Equipment Finance Limited (SEFL). PNB said the two firms, which owe ₹1,193.06 crore and ₹1,240.94 crore, were successfully resolved under insolvency proceedings. RBI had earlier superseded the companies' boards.