Punjab National Bank says a borrower defrauded it of more than $500 million after it fell victim to one of India's biggest banking scams last year
Shares of Punjab National Bank, the victim last year of one of India’s biggest banking scams, fell 11% Monday after it said a corporate borrower had defrauded it of more than $500 million.
PNB, one of India’s biggest lenders, said Saturday that it had filed complaints with the police and the Reserve Bank of India, alleging that Bhushan Power & Steel Ltd. had diverted close to $550 million of its loan from the bank and hid the diversion with falsified books.
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