PNB Reports Rs2,060 Crore Fraud in NPA Account of IL&FS Tamil Nadu Power
Moneylife Digital Team 15 March 2022
State-run Punjab National Bank (PNB) on Tuesday reported a fraud worth Rs2,060 crore in the non-performing asset (NPA) account of IL&FS Tamil Nadu Power Company Ltd (ITPCL) at its extra-large corporate branch at Delhi. 
 
In a regulatory filing, PNB says, "A fraud of Rs2,060.14 crore is being reported by the bank to the Reserve Bank of India (RBI) in the accounts of the company. Bank has already made provisions amounting to Rs824.06 crore, as per prescribed prudential norms."
 
Last month, Punjab & Sind Bank Ltd had declared IL&FS Tamil Nadu Power's Rs148.86 crore outstanding in an NPA account as fraud and reported it to RBI. "Bank has already made provisions amounting to Rs59.54 crore, as per prescribed prudential norms," the lender had said in a regulatory filing.
 
IL&FS Tamil Nadu Power Company is a special purpose vehicle (SPV) incorporated by Infrastructure Leasing & Financial Service Ltd (IL&FS) group under the energy platform for the implementation of the thermal power project at Cuddalore in Tamil Nadu.
Comments
saharaaj
3 months ago
PNB is recurring theme in every other fraud .. does PNB stand for Punjab NO Brainer
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