(28.35) PNB's biggest loss in the history of Indian Bank
India's Punjab National Bank (PNB) has recorded a record loss of 13 thousand 417 crores in the first quarter of this year. This is one of the biggest long-term losses in Indian banks. After the news was released, Yawmul Arabia (Wednesday) reduced the share capital of the country's second largest state-owned company by more than 12 percent. News AFP
In February, a declaration by PNB said that the diamond businessman Siren Modi's $ 2 billion-dollar corruption scandal was the case. In the huge fraud case, the allegations against several top PNB officials including silent Modi have been framed by the investigation officials. After the government's supervision was raised against the borrowed banks of the country, the issue of involvement of PNB officials in the Modi's corruption scandal was published.
According to PNB, the last Yawmuch Peel (Tuesday) has said that in the January-March quarter this year, losses of 13 thousand 417 crores have been lost. At the same time last year, the profit of Rs. 262 crore was made. After the news was published, Yawmul Arabia (Wednesday) fell to 12.51 percent, down 75 percent to 50 rupees, at the beginning of the transaction in the Bombay Stock Exchange.
PNB has alleged that Modi and his uncle and business partner Mehul Choksi's fraud of 280 million rupees are just part of the overall loss. The bank also said that Modi and Choksi have taken more loans through international branches of other Indian banks using illegal guarantees provided to fraudsters.
And other banks have to take money away from paying the illegal guarantees to PNB. This is one of the reasons for the losses of the bank in the fourth quarter. They have allocated 7,178 million rupees for the payment. Nearly half of the expenditure was spent in the last quarter of March. The remaining 50 percent were removed for the next three quarters.