September 04, 2026 09:35 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Influencer Swatantra Bhardwaj, accused of assaulting CJP protester's father, detained in UP | Yasin Malik’s double shock from jail: Announces divorce, refuses to defend himself in Sarla Bhat case | Sonia Gandhi’s memoir finds new publisher as HarperCollins steps in amid Penguin row | 1,000 RSS-backed schools in Bengal? Suvendu Adhikari sets one-year target | PM Modi hails Giorgia Meloni on becoming longest-serving postwar Italian PM | HarperCollins to publish Sonia Gandhi’s memoir amid Penguin row | Supreme Court slams Bar Council of India over NALSAR row: ‘No power to take action against law students’ | ‘Technical error, not U-turn’: Kerala CM Satheesan denies deleting video slamming cleric’s women remarks after Islamic Scholars’ meet | Bombay HC orders CBI probe into Sushant Singh Rajput's ex-manager Disha Salian's death case | Vijay for PM in 2029? TVK says Rahul Gandhi will ‘hold his hand’ to make him Prime Minister
PNB

PNB reports Rs 1,200 crore 'borrowing fraud' by Ahmedabad-based company

| @indiablooms | Oct 01, 2020, at 07:51 am

Mumbai/IBNS: Public sector lender Punjab National Bank has reported a fraud of Rs 1,203 crore by Ahmedabad-based Sintex Industries Pvt Ltd, which had run into trouble last year, said media reports.

The company’s debt restructuring plan was also rejected by the lender last December.

In a regulatory filing, PNB said it detected the fraud at its corporate banking branch in Ahmedabad, and, thereafter, made a provision of Rs 215.21 crore, which is required by law, said an NDTV report.

"Reporting of borrowal fraud of Rs 1203.26 crore in NPA account of M/s Sintex Industries Ltd (SIL) at Large Corporate Branch at Ahmedabad, Zonal Office, Ahmedabad," PNB said in the regulatory filing, quoted NDTV.

Sintex Industries Ltd makes textiles and yarn and is owned by Sintex group Ltd, which makes Sintex water tanks, a household name in India.

Sintex Plastics Technology Ltd owns Sintex group, the maker of water tanks.

Sintex Industries Ltd had demerged from Sintex Industries Ltd in 2017, said the report.

Hit by mega frauds, banks in India are struggling to recover money from delinquent borrowers, along with strained credit flow, coronavirus crisis and weak economy.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.