PNB now loses Rs 3,688 crore, declared loan to DHFL as fraud

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Punjab National Bank (PNB), Dewan Housing Finance Ltd. 3,688.58 crore loan given to (DHFL) has been declared fraud. Before this, Nirav Modi and Mehul Choksi have looted more than Rs 14 thousand crore to the bank.

Loan fraud of 3688 crores now revealed in PNB

Nirav Modi-Mehul Choksi has also applied lime to PNB

DHFL is also under investigation in Yes Bank scam

Public sector Punjab National Bank (PNB) has once again faced a loan scam. Bank Dewan Housing Finance Ltd. 3,688.58 crore loan given to (DHFL) has been declared fraud. Before this, Nirav Modi and Mehul Choksi have looted more than Rs 14 thousand crore to the bank.

The bank said on Thursday that it has given Dewan Housing Finance Ltd. (DHFL) has informed the RBI about the fraud of Rs 3,688.58 crore in NPA (Non-Performing Asset) account. DHFL came into the limelight when a report said that it allegedly rigged Rs 31,000 crore out of a total of Rs 97,000 crore of bank loans through several mask companies.

Information given to the stock market

PNB has said in the information given to the stock market, ‘Report of fraud of Rs 3,688.58 crore in the account of the company (DHFL) has been reported to RBI.’

Bank made provision

He said that the bank has already made a provision of Rs 1,246.58 crore for this as per the set criteria. DHFL is the first financial services company to approach NCLT on debt resolution. Various agencies, including the SFIO (Serious Fraud Investigation Office), started investigations after reports of alleged violations of rules in the company last year.

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DHFL is involved in many scams

This is the same company that is being investigated in Yes Bank for loan fraud. The promoter of the company, Wadhawan brothers, is arrested and the Enforcement Directorate has attached their assets on Thursday. In the Yes Bank loan scam case, the Enforcement Directorate (ED) has attached properties worth Rs 2400 crores of former bank chief Rana Kapoor and promoters of DHFL Kapil Wadhavan and Dheeraj Wadhavan, including Rs 1000 crore of Rana Kapoor and 1400 of Wadhawan brothers. Property worth crores is included.

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