Public sector Punjab National Bank (PNB) has once again faced a loan scam. Bank Dewan Housing Finance Ltd.: 3,688.58 crore loans given to (DHFL) have been declared a fraud. Before this, Nirav Modi and Mehul Choksi looted more than Rs 14 thousand crores into the bank.
The bank said on Thursday that it had given Dewan Housing Finance Ltd. (DHFL) information to the RBI about the fraud of Rs 3,688.58 crore in its NPA (Non-Performing Asset) account.
The DHFL came into the limelight when a report said it allegedly rigged Rs 31,000 crore out of a total of Rs 97,000 crore of bank loans through several masked companies.
PNB has given information to the stock market, "Report of the fraud of Rs 3,688.58 crore in the account of the company (DHFL) has been reported to RBI."
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 by the company last year.
This is the same company that is being investigated by Yes Bank for loan fraud. The promoter of the company, the Wadhawan brothers, was arrested and the Enforcement Directorate 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 the Wadhawan brothers. Property worth of crores is included.
