Visa Power in Rs 1,964-cr bank fraud

New Delhi: The CBI has registered an FIR against Visa Power and its then chairman Vishambhar Saran in connection with an alleged bank fraud of Rs 1,964 crore, officials said Thursday.

The action of the agency was initiated on a complaint from Punjab National Bank, one of the members of a consortium of 14 lenders which have sanctioned term loans of Rs 1,964 crore. PNB was the lead bank of the consortium and sanctioned loan of Rs 394 crore.