PNB Housing Finance has identified and declared a fraud involving a borrower account. The amount reported as fraudulent is ₹237.43 Crore. The account has already been written off in FY 2022-23. The company states that there is no material impact on the overall financials and operations. PNB Housing Finance is pursuing appropriate legal action.
Fraudulent Activity Reported
PNB Housing Finance has announced the identification and declaration of a fraud related to a borrower’s account. The reported fraud amount is ₹237.43 Crore, involving M/s. Sarv Realtors Private Limited.
Financial Impact and Status
The company clarified that the account in question has already been written off in FY 2022-23. Therefore, PNB Housing Finance anticipates no material adverse effects on its financial standing or operational performance as a result of this fraudulent activity.
Legal Action
PNB Housing Finance has confirmed that it is currently undertaking appropriate legal measures in response to the reported fraud. Further details were not disclosed.
Source: BSE
