India’s Biggest Banking Fraud Rs 2500 Crore To Zoom Developers

1 min

The Central Bureau of Investigation (CBI) has begun preliminary examination of allegations of banking fraud in loans worth Rs 2,500 crore disbursed to Zoom Developers, a Mumbai-based project developer.

Punjab National Bank is lead banker to Zoom. In all, 27 Indian banks, most of these public sector ones, have lent Rs 2,500 crore to the company. Its loans were admitted for corporate debt restructuring in the fourth quarter of last year.

Bank guarantees given for Zoom have been invoked. Punjab National Bank is the lead banker, with about Rs 450 crore of exposure of which nearly Rs 300 crore has been considered as an NPA by the bank from the first quarter of this financial year.

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