New Delhi: Punjab & Sind Bank on Friday reported fraud of Rs 112.42 crore in two NPA accounts of Maha Associated Hotels and Edyar Zinc. The bank has reported the fraud to the Reserve Bank of India and is in the process of filing complaints with the Central Bureau of Investigation, according to regulatory filings. The Delhi-headquartered lender in a filing said that "an NPA account Maha Associated Hotels Pvt Ltd with outstanding dues of Rs 71.18 crore having provisioning of Rs 44.40 crore has been declared as fraud and reported to RBI as per regulatory requirement". At present, the case of Maha Associated Hotels is pending at NCLT, it added. In a separate filing, the bank said that the NPA account of Edyar Zinc with outstanding dues of Rs 41.24 crore has been declared as fraud and reported to RBI as per regulatory requirement. "Further, the account has been fully provided for as per existing RBI norms," it added. Earlier in April this year, the lender had declared the … [Read more...] about Punjab & Sind Bank reports fraud of Rs 112 cr in 2 accounts
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