PNB fraud worth Rs 3,688 crore, know what is the latest case

PNB fraud worth Rs 3,688 crore, know what is the latest case

July 10, 2020 Off By Vishnu Mahanand

New Delhi: Punjab National Bank on Thursday said that it has informed the RBI about the fraud of Rs 3,688.58 crore in the NPA account of Dewan Housing Finance Limited (DHFL). 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.

He said that the bank has already made a provision of Rs 1,246.58 crore for this under the prescribed norms. In November last year, the Reserve Bank had sent the problem-laden home loan company, DHFL, to take loan resolution. It is the first financial services company to go to the NCLT (National Company Law Tribunal) for debt resolution. Various agencies, including the SFIO, started investigations after reports of alleged violations of the rules in the company last year.

What is DHFL case?
DHFL is the first financial company in the country to be taken to bankrupt court. Its total debt is more than 85,000 crore rupees. Its promoter Kapil Wadhawan has been accused of money laundering.

What will happen to customers? 
Experts say that this will not affect the bank’s customers. Their money is completely safe. However, the stock may decline. In such a situation, there may be some loss to investors.