
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) at Large Corporate Branch at Ahmedabad, Zonal Office, Ahmedabad,” PNB said in the regulatory filing.
Sintex Industries Ltd, which makes textiles and yarn, belongs to Sintex group that makes plastic water tanks and is almost a household name in India. Sintex group is owned by Sintex Plastics Technology Ltd that demerged from Sintex Industries in 2017.
Banks in the country have been trying to recover money from delinquent borrowers amid a prolonged credit crunch, the coronavirus crisis and weakening economic growth.
About Post Author
The India Wire Team
Related
More Stories
Vadodara based female entrepreneur launches India’s first eco friendly products e commerce portal zeroite.com
ZEROITE-THE ECO SPACE IS GUJARAT’S FIRST ZERO WASTE operational in Vadodara, city of Gujarat for last 2 years.Zeroite on the...
IndiGo ranked 6th largest carrier in the world by passenger volume in OAG Frequency & Capacity Statistics for March 2022
India’s leading carrier - IndiGo has been ranked the 6th largest airline by passenger volume in the OAG Frequency & Capacity...
Covishield &Covaxin prices slashed to Rs.225 from Rs.1200 and Rs.600
Vaccine makers Serum Institute of India and Bharat Biotech have reduced the price of coronavirus vaccines Covishield and Covaxin to...
Contract Management Software Market Size is surging with Integration of advanced technologies such as artificial intelligence by 2027
According to the new research report published by The Insight Partners, titled “Contract Management Software Market - Global Analysis and...
One Moto India becomes Official EV two-wheeler Partner of Rajasthan Royals in the upcoming season of popular cricket league
The EV two-wheeler brand will be one of the Associate Sponsors of the Royals for the upcoming season One Moto...
How is Innovation Driving the Retailtainment Industry?
The recent innovation in technology has reformed immensely and continues to reshape the retail & e-commerce industry. However, due to the unprecedented challenges, retailing has seen an immense shift in consumer behavior and is prevailing. Thereby, it becomes important for the retailers to meet the new user’s demands and strive to deliver an incredible shopping experience to the customers.
Average Rating