Rs 1,537 crore fraud probe call targets SBI consortium and asset firms
A PIL was filed in the Supreme Court on Monday seeking a probe into a ₹1,537-crore banking fraud allegedly facilitated by asset reconstruction companies (ARCs), a bank consortium led by the SBI and a Noida-based infrastructure firm.
The PIL has alleged that a total debt of ₹1,537 crore owed to public sector banks has been settled through two complicit ARCs — Prudent ARC Ltd and Phoenix ARC Ltd — for a mere ₹73.50 crore.
