July 17, 2019 / 1:26 PM / 5 months ago

India's Punjab & Sind Bank flags $34.6 mln fraud

BENGALURU, July 17 (Reuters) - India’s Punjab & Sind Bank said on Wednesday it has reported a 2.38 billion rupee ($34.58 million) fraud to the Reserve Bank of India, relating to allegations of diversion of funds by the indebted Bhushan Power & Steel Ltd.

It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks, the New Delhi-based bank said in a statement.

The case is currently with the country’s company law tribunal and the bank expects good recovery, it added. ($1 = 68.8240 Indian rupees) (Reporting by Derek Francis in Bengaluru; Editing by Rashmi Aich)

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