PNB reports Rs 2,434 cr loan fraud against erstwhile promoters of Srei Group to RBI

Punjab National Bank has alerted the Reserve Bank of India about a significant loan fraud. The fraud, totaling Rs 2,434 crore, was allegedly committed by the former promoters of SREI Equipment Finance and SREI Infrastructure Finance. These companies have since undergone resolution under the Insolvency and Bankruptcy Code. The bank has fully provisioned for the entire outstanding amount.