LONDON: The UK subsidiary of Punjab National Bank (PNB) is suing five Indians, one American and three companies in the UK high court claiming they fraudulently misled the bank to lend them tens of millions of dollars and now owe the bank approximately $37 million (Rs 271 crore) in unpaid loans.
PNB (International) Ltd, which has seven branches in the UK, whose parent bank is PNB, is suing the individuals and companies for fraudulent misrepresentation in respect of numerous loans and breach of contract, according to its claim lodged with the high court. The loans were advanced, the bank states in its claim, to assist the financing of the construction of a lube oil re-refining unit in South Carolina and the development and sale of wind en…
Read the full article at: https://timesofindia.indiatimes.com/world/uk/duped-in-uk-pnb-in-legal-battle-to-recover-37-million/articleshow/66562517.cms
