PNB reports Rs. 3689- crore DHFL loan as fraud

New Delhi: Two years after the State-run lender Punjab National Bank (PNB) was hit by a massive Rs 13,000 crore scam involving Nirav Modi, now again the public lender bank on Thursday, declared its exposure of Rs 3,689 crore to scam-tainted mortgage lender DHFL as a fraud to the RBI.

In a regulatory filing after markets hours, the third largest public sector bank, PNB, said the fraud in the non-performing asset account of DHFL.”

Authorities are now investigating DHFL’s promoters and its loan book to determine the extent of any fraud. Other banks such as State bank of India and Union Bank have also reported Dewan Housing Finances’ accounts as fraudulent.