PNB Accuses Former Srei Company Promoters of Rs 2,434 Crore in Loan Fraud

 According to PNB, Srei Equipment Finance is responsible for Rs 1,240.94 crore of the total illegal borrowings, while Srei Infrastructure Finance is responsible for the remaining Rs 1,193.06 crore.

Punjab National Bank (PNB) has declared a Rs 2,434 crore alleged loan fraud by the former promoters of Srei Equipment Finance and Srei Infrastructure Finance.

In a late evening exchange filing, the state-run PNB said that “Pursuant to the applicable provisions of SEBI (LODFR) Regulations, 2015 and the Bank’s Policy for determining materiality of events/information required to be reported to the Stock Exchanges, it is hereby informed that the bank has reported borrowal fraud to RBI against the erstwhile promoters of Srei Equipment Finance and Srei Infrastructure Finance".