Wednesday, 20 March, 2019

Punjab National Bank reports huge loss of Rs. 13417 crore in Q4

US bankruptcy court puts PNB officials under the scanner for Nirav Modi fraud Punjab National Bank reports huge loss of Rs. 13417 crore in Q4
Patty Aguilar | 17 May, 2018, 14:58

Scam-hit Punjab National Bank (PNB) on Tuesday rattled the banking sector with a twin blow of two mammoth figures.

The stock tanked to a fresh 52-week low of Rs 74.30 on BSE and is now at Rs 75.50, down 12.2% from its previous close.

The lender said the liabilities on account of LOUs/FLCs, which became due up to March 31 amounting to Rs 6586.11 crore have been paid by the bank on the Undertaking of concerned banks.

On Wednesday, the Central Bureau of Investigation (CBI) filed the second charge sheet in connection with the Punjab National Bank (PNB) fraud case.

The names included Nirav Modi, his brother Nishal Modi, three companies - Diamond R US, Solar Exports, Stellar Diamond and seven employees of these companies Hemant Bhat, Vipul Ambani, Arjun Patil, Kavita Mankikar, Miten Pandya, Manish Bosamiya, and Subhash Parab.

Punjab National Bank reports huge loss of Rs. 13417 crore in Q4

In addition, three companies of Choksi - Gitanjali Gems Ltd, Gili India Ltd and Nakshatra Brands Ltd - have also been made accused in the charge sheet filed before a special CBI court in Mumbai, officials said.

"Their capital is very low, and a bank needs it to sustain growth", said Yuvraj Choudhary, an analyst at Mumbai brokerage Anand Rathi, who said PNB's reported loss was more than triple his estimate, calling it a "major concern".

Incidentally, BDO India LLP, the firm engaged by PNB to conduct a forensic investigation into the fraud committed by Modi and his companies, has also shared its findings with the USA bankruptcy court.

"After including outstanding amounts under other credit facilities to the above entities, the amount involved now works out to be Rs 14,356.84 crore", PNB said. At that time, Ms Ananthasubramian sent a report saying there was no such fraud taking place at PNB, leading to suspicion against her. It will also need to make higher provisions for non-performing assets following a Reserve Bank of India (RBI) diktat on quick recognition of bad debts that has adversely affected the results of other lenders as well. "The total fraud is worth Rs 13,500 crore, out of which Choksi through his companies has cheated the bank of Rs 7080.86 crore".

To ensure proper checks and balances, PNB has gone for a four-way split for loan operations and created a focused off-site centre for monitoring all foreign exchange businesses.

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