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After PNB and Allahabad Bank, Punjab & Sindh bank report fraud by Bhushan Power and Steel

After Punjab National bank (PNB), Allahabad Bank and Punjab & Sindh bank have reported Rs.238 crore fraud by Bhushan Power and Steel to the Reserve Bank of India (RBI). The Steel brand was among the first 12 companies referred by the RBI to a bankruptcy court for a debt resolution. Bhushan and Steel's former chief financial officer and director Nitin Johari was arrested on May 2 for alleged fraudulent activities.