State-owned Punjab & Sind Bank on Friday said it has declared NPA account Fairdeal Supplies Ltd as a fraud and has reported the matter to the Reserve Bank of India.
"It is informed that an NPA (non-performing account) account, Fairdeal Supplies Ltd with outstanding dues of Rs 40.49 crore has been declared as fraud and reported to RBI as per regulatory requirement," it said in a regulatory filing.
The bank is in the process of filing of a complaint or FIR with the Central Bureau of Investigation, it said.
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