MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

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.

YOU MAY ALSO LIKE

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...

Business Travelers to Stay at Singapore’s Changi Airport Bubble

Singapore’s open economy depends heavily on tourism and business. But its vibrant but small economy has been hurting as the circumstances due to...

Countries in Asia-Pacific are marching towards ‘green recovery’ amidst Covid-19 crisis

2020 has been an unforgettable year for many of us. The ongoing Covid crisis has reminded people that it is very important to have an uninterrupted an...

Department of Telecommunication to announce the new schedule for 5G trials

Department of Telecommunications (DoT) is all set to announce the new schedule for 5G trials. The Dot made this decision after being pulled by the par...

RECOMMENDED