PNB alleges Rs 3,800cr fraud by Bhushan Steel

Punjab National Bank (PNB) on Saturday reported a fraud of over Rs 3,800 crore by Bhushan Power and Steel. The exposure of Rs 3,800 crore includes domestic exposure of Rs 3,200 at its Chandigarh branch, overseas exposure of Rs 345 crore at the bank's Dubai branch and Rs 268 crore at its Hong Kong branch, the bank said. The companies are facing multiple investigations after their failure to repay loans to banks.

from Times of India https://ift.tt/2L6E1HA