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Punjab & Sind Bank declares 404.9M rupees of overdue loan as fraud

Punjab & Sind Bank declared a nonperforming account, Fairdeal Supplies Ltd. with outstanding dues of 404.9 million Indian rupees, as fraud.

The bank has reported the matter to the Reserve Bank of India and is filing a complaint with the Central Bureau of Investigation, according to an Aug. 2 disclosure.

This is the second incident of alleged fraud the bank reported in recent weeks after reporting an alleged fraud in the accounts of Bhushan Power and Steel Ltd. in July.

As of Aug. 2, US$1 was equivalent to 69.69 Indian rupees.