Fraud-Hit Bank in India Alleges It Has Been Swindled Again
- Bank files complaint against founder of a car repairing firm
- Third fraud complaint by bank since 2018 as bad loans weigh
Pedestrians walk past a Punjab National Bank (PNB) branch in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Scandal-hit Indian lender Punjab National Bank alleged it has been cheated -- its third complaint since 2018 when it suffered through a $2 billion blow.
The state-run bank filed a complaint in October alleging that Jagdish Khattar, founder of Carnation Auto India Pvt., a vehicle repair and servicing company, cheated the bank of 1.1 billion rupees ($15.4 million), according to a copy of the complaint posted on the Central Bureau of Investigation’s website.