PNB reports fraud of Rs2,060 crore in NPA account of IL-;FS Tamil Nadu Power Company

16 Mar 2022 , 03:00 PM

Punjab National Bank (PNB) said in the regulatory filing on Tuesday that the bank reported a fraud of Rs2,060 crore in the NPA account of IL&FS Tamil Nadu Power Company Limited (ITPCL).

The bank informed it has already made provisions amounting to Rs824.1 crore as per prescribed prudential norms.

In the regulatory filing, the lender said that “Reporting of Borrowal Fraud of Rs2060.14 crore in NPA account of M/s IL&FS Tamil Nadu Power Co. Ltd. at Extra Large Corporate Branch at Delhi, Zonal Office: Delhi. A fraud of Rs2060.14 crore is being reported by Bank to RBI in the accounts of the Company. Bank has already made provisions amounting to Rs.24.06 Crore, as per prescribed prudential norms.”

Punjab National Bank is currently trading at Rs35.85 down by Rs0.15 or 0.42% from its previous closing of Rs36 on the BSE. The scrip opened at Rs35.80 and has touched a high and low of Rs36.40 and Rs35.65 respectively.

Punjab & Sind Bank in the last month had declared IL&FS Tamil Nadu a fraud account with outstanding dues of Rs148 crore. In the filing, the bank said “It is informed that an NPA account, viz IL&FS Tamil Nadu Power Company Ltd with outstanding dues of Rs148.86 crore has been declared as fraud and reported to RBI today as per regulatory requirement.”