PNB Housing Finance Declares Fraud Against Corporation Holding Rs 421.81 Crore in Credit Facilities
PNB Housing Finance Limited has declared a fraud related to credit facilities extended to M/s. Happy Home Corporation. The fraudulent accounts, which were previously classified as non-performing assets (NPA), have been identified and classified as fraud following the completion of internal processes.The company reported the matter to the National Housing Bank. M/s. Happy Home Corporation received various credit facilities from PNBHFL that were sanctioned and disbursed between 2016 and 2021.
The details of the fraudulent accounts are as follows:
| Name of Account(s) | Amount Reported as Fraud |
|---|---|
| M/s. Happy Home Corporation | Rs.421.81 Crore |
PNB Housing Finance confirmed that these specific accounts were previously written off in the books of account during FY 2022-23. As such, the company stated that there is no financial impact resulting from this declaration on its overall financials and operations.
The organization noted that although the accounts have been classified as fraud after adhering to natural justice principles, it is pursuing appropriate legal action against the corporation.
PNBHOUSING Stock Price Movement
PNB Housing Finance Limited shares slipped on Monday, closing at ₹1098.4 after shedding 0.09% from the previous close. The stock saw a total traded volume of 653,245 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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