Shares of Punjab National Bank, the victim last year of one of India’s biggest banking scams, fell 11% Monday after it said a corporate borrower had defrauded it of more than $500 million.
PNB, one of India’s biggest lenders, said Saturday that it had filed complaints with the police and the Reserve Bank of India, alleging that Bhushan Power & Steel Ltd. had diverted close to $550 million of its loan from the bank and hid the diversion with falsified books.
Most loan defaulters in India are big supporters and donors of BJP, the ruling Hinduist Party
Damn. That had to be a helluva a sales pitch by the scammers. Did they tell the bank that they were from Microsoft and wanted to scan their computer remotely? That seems to be a favorite.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Reuters - 🏆 2. / 97 Read more »