PNB flags ₹2,434 crore SREI-linked borrowal fraud

Punjab National Bank (

) has reported a borrowal fraud of ₹2,434 crore to the Reserve Bank of India, linking the case to the erstwhile promoters of SREI group entities, SREI Equipment Finance Ltd (SEFL) and SREI Infrastructure Finance Ltd (SIFL). In its exchange disclosure, PNB quantified the alleged fraud exposure at ₹1,240.94 crore for SEFL and ₹1,193.06 crore for SIFL, taking the combined amount to ₹2,434 crore. The bank stated it has already made 100% provisioning for the entire outstanding amounts in both accounts, indicating the financial impact has been recognized in its books. PNB also noted that both SEFL and SIFL have been resolved under the Corporate Insolvency Resolution Process through the National Company Law Tribunal, and the disclosure was made under SEBI’s Regulation 30 (LODR) requirements. Disclaimer: This post is for informational purposes only and not a recommendation to buy or sell any securities. I, or my family, associates, or relatives, may have a financial interest in the securities mentioned.