Another fraud case reported at Punjab National Bank, this time of Rs. 3,800 crore
MUMBAI: The Punjab National Bank (PNB) on Saturday said it had reported a borrowing fraud of Rs. 3,805 crore ($556 million) in Bhushan Power & Steel Ltd's account to the Reserve Bank of India (RBI).
The fraud, "alleging diversion of funds from the banking system" was being reported to the RBI on the basis of the findings of forensic audit and the police filing a first information report, the PNB said in a statement to stock exchanges.
"It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks," the PNB said, adding that it had already made provisions of Rs.1,932 crore in Bhushan's account.
The PNB has been defrauded of over Rs. 13,000 crore in a separate scam that came to light last year.
Bhushan Power and Steel, one of the most indebted companies in the country, was among the first 12 companies referred by the RBI to a bankruptcy court for a debt resolution process under the new insolvency law.
The company could not be reached for comment on the PNB statement.
courtesy: ndtv.com
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Biker injured, leopard dies in road accident near forest area in Shivamogga
Shivamogga: A leopard was killed after being hit by a motorcycle near Mandagadde in Thirthahalli taluk of Shivamogga district.
According to reports, the biker was travelling from Shivamogga towards Thirthahalli when the leopard suddenly came onto the road from a nearby forest area near Mandagadde. The rider is said to have lost control of the bike and crashed into the animal.
The leopard suffered severe injuries in the impact and died on the spot. The biker also fell onto the road along with the motorcycle and sustained serious injuries. He was shifted to a hospital in Shivamogga for further treatment.
After receiving information about the incident, forest department officials, including Gajanur RFO Vinay Kumar, visited the spot and conducted an inspection.
