Mumbai, May 22 -- State-run Power Finance Corp. has declared its loan exposure to Gensol Engineering Ltd as fraud after its preliminary findings and has fully provided for the loan amount, according to Parminder Chopra, chairman and managing director.

In her media briefing, Chopra said that the lender has realised Rs.44 crore by way of security encashment of fixed deposits and the trust and retention account (TRA), in which the loan was deposited, in the fourth quarter, taking the outstanding loan amount to Rs.263 crore.

"Based on the preliminary inquiry, we have considered it as fraud and provided for 100% because there are no overdue in the case of PFC," said Chopra. "I would like to mention that this is a promoter-specific event and ...