Punjab National Bank (PNB) has reported a borrowal fraud amounting to ₹270.57 crore in the non-performing asset (NPA) account of Gupta Power Infrastructure Limited. The fraud, detected at PNB’s Bhubaneshwar branch, has been duly reported to the Reserve Bank of India (RBI).
According to the bank’s disclosure to stock exchanges under Regulation 30 of the SEBI (LODR) Regulations, 2015, the bank has already made full provisions of ₹270.57 crore as per the prescribed prudential norms.
The fraud was reported to both the National Stock Exchange of India (NSE) and BSE Limited, ensuring transparency and compliance with regulatory guidelines.
PNB, a leading public sector bank, continues to strengthen its risk management framework to mitigate financial risks and safeguard stakeholders’ interests. The bank remains committed to adhering to regulatory requirements and ensuring proper action in cases of financial discrpancies.
In a similar case, PNB had earlier reported a ₹2,060 crore fraud involving Bhushan Power & Steel Ltd, where the company was accused of misappropriating bank funds and manipulating accounts. The bank had taken strict legal action, including filing complaints with investigative agencies to recover losses.
