New Delhi: Another loan fraud case has come to light in Punjab National Bank (PNB). This loan fraud is of Rs 2060 crore. On Monday, March 15, the bank reported a fraud of Rs 2,060 crore in the NPA account of IL&FS Tamil Nadu Power Company Limited (ITPCL). The bank said that it has already made a provision of Rs 824.1 for this under the prescribed rules.
The bank said in the information sent to the stock exchanges, “The information about the fraud of Rs 2060.14 crore found in the account of the company on behalf of the bank is being sent to the RBI. The bank has already made a provision of Rs 824.06 crore as per the prescribed norms. On Tuesday, shares of Punjab National Bank (PNB) closed at Rs 35.90, down 2.45 percent.
IL&FS Tamil Nadu Power Company Limited Case
About a month ago, Punjab and Sind Bank also declared a fraud account with an outstanding of Rs 148 crore to ITPCL in February. The bank had said in the information sent to the stock exchanges, “It is informed that the NPA account of IL&FS Tamil Nadu Power Company Limited is declared as fraud, on which Rs 148.86 crore is outstanding. RBI has been informed about it.
Debt-laden company Infrastructure Leasing and Financial Services Limited (IL&FS) had started ITPCL as a Special Purpose Vehicle (SPV) under its energy platform IEDCL, with the aim of setting up thermal power plants in Kadaluru, Tamil Nadu.
ITPCL owes Rs 7,600 crore
As of April 2020, ITPCL owed Rs 6,700 crore to lenders and Rs 900 crore to IL&FS group companies. This information was given in an affidavit submitted by IL&FS to the National Company Law Tribunal. ITPCL had tried its restructuring some time back, which included selling some of the company’s stake to the Tamil Nadu government. However, this attempt was not successful.
