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Sunday, July 7, 2019

PNB detects fraud of ₹3,805.15 crore by Bhushan Power & Steel

Punjab National Bank on Saturday said it has detected a fraud of ₹3,805.15 crore by Bhushan Power & Steel Ltd and has reported it to the RBI. PNB added that the steelmaker misappropriated bank funds and manipulated books to raise funds from consortium lender banks. The disclosure comes as PNB is recovering from a ₹14,000-crore fraud by diamantaire Nirav Modi.