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Fraud-hit PNB looking to sell real estate assets worth Rs 50 bn: Source

CBI raided the offices of jewellery retailer Gitanjali on Friday in a widening probe into the fraud

Reuters  |  New Delhi 

Fraud-hit Punjab National Bank is considering monetising its real estate assets, including a giant office space in New Delhi worth an estimated Rs 50 billion ($778.63 million), a bank source with direct knowledge of the matter told Reuters. The bank was looking to expedite the process after it said this week it has been hit with a $1.77 billion loan fraud, the biggest bank scam in the country's history. The bank would look to sell assets through a tendering process. "We are in talks with interested parties," said the source, who declined to be identified due to the ...

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First Published: Fri, February 16 2018. 19:55 IST