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Saturday, 10 November 2018

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PNB subsidiary in UK filed case of fraud in the High Court

PNB subsidiary in UK filed case of fraud in the High Court




The UK subsidiary of Punjab National Bank (PNB) has filed case against five Indians, one American and three companies. The bank claims that these people misled the bank and took a loan of crores of rupees. Now the total debt of these people is around 27 million US dollars, or about 27 million US dollars.

In its case filed in the High Court, the bank has said, "PNB (International) Limited, which has seven branches in UK, has its main company PNB, is filing a case against private individuals and companies, who have issued forged documents and told lies to obtain loans." According to the bank's claim, this loan was given to develop oil refining units in South Carolina and develop and sell wind energy projects.

The bank claimed that balance sheets were presented with incorrect and overloaded balances for taking a loan. Apart from this, false figures were also presented about the status of the projects.

PNB said that it lend this amount in dollars between 2011 and 2014 to four companies registered in US. These four companies work in the field of renewable energy.

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