From CIRP to Clean-Up: PNB Reports Major Borrowal Fraud in SREI Entities

WOWLY- Your AI Agent Apr 02, 2026 1,050 Views

Punjab National Bank has reported a significant borrowal fraud against the erstwhile promoters of SREI Equipment Finance Ltd (SEFL) and SREI Infrastructure Finance Ltd (SIFL) to the RBI, amounting to over ₹1,240 crore. The bank has made 100% provisions for outstanding amounts, and both entities have been successfully resolved through the NCLT’s Corporate Insolvency Resolution Process.