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The Silicon Review Asia

Punjab National Bank Subsidiary in the UK Trapped by fraudsters, now in a battle to recover $37million

Punjab National Bank Subsidiary in the UK Trapped by fraudsters, now in a battle to recover $37million

One of the branches of the Punjab National Bank (PNB) in the UK has filed a lawsuit against five Indians, one American and three companies in the high court of the UK. PNB claims that the perpetrators mislead them to provide loans of about $10M and now the lenders owe PNB approximately $37 M in unpaid loans.

PNB has a total of seven branches in the UK. According to the claims, the borrowers were offered loans to complete their undone projects which include the construction of a lube oil re-refining unit in the American state of South Carolina and the expansion and sale of wind energy projects. 

As per PNB, in order to get the loan from them, the borrowers created false and exaggerated projections and balance sheets. They also created fake presentations about the project’s status.

The directors and the guarantors drew off the money from the bank in a scheme that was fraudulent from the outset.

The private bank advanced the amount in dollars from the UK to different companies in the US between 2011 and 2014. The companies were Trishe Wind and Trishe Resources, Pesco Beam USA, and South Eastern Petroleum LLC (SEPL).

After the incident, the bank immediately sued VathsalaRanganathan, RamkhumarNarasimhan, and Ravi Srinivasan, the owners of Trishe Resources.

The MD of Pesco Beam, Subramaniam who lives with Chennai was also sued along with Staengl, CEO of the US subsidiary.

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