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Another PNB scam: After Nirav Modi, Rs 6.2 mn Mudra loan fraud reported

Senior branch manager at PNB's Barmer branch in Rajasthan dishonestly and fraudulently sanctioned, disbursed 26 Mudra loans

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After the ~114 bn fraud in PNB, jewellers fear lenders will seek higher collateral and most firms who take the debt route to grow are exhausted in terms of providing security

Somesh Jha New Delhi

Last Updated : Feb 25 2018 | 12:54 AM IST

The Central Bureau of Investigation (CBI) has registered a fresh case related to fraudulent loans issued under Prime Minister Narendra Modi's flagship Micro Units Development and Refinance Agency (Mudra) scheme. The fraud was reported in Punjab National Bank, which is in the midst of another scam worth Rs 114 billion.

A senior branch manager at PNB’s Barmer branch in Rajasthan “dishonestly and fraudulently sanctioned and disbursed 26 Mudra loans” between September 2016 and March 2017, causing a loss of Rs 6.2 million to the public sector bank, the CBI has alleged in a case filed on Wednesday.

The CBI has