Indian Bank reports frauds worth over Rs 266 crore in three accounts

by Business | 31-10-2021 | 348 views

New Delhi: Indian Bank on Saturday said it has reported over Rs 266 crore worth of fraud to the Reserve Bank, relating to three NPA accounts. These non-performing accounts have been declared as fraud and reported to RBI as per regulatory requirement, the public sector lender said in a regulatory filing.

The bank has declared M P Border Checkpost Development Co Ltd as fraud with an outstanding of Rs 166.89 crore; Pune Sholapur Road Development (Rs 72.76 crore) and SONAC (Rs 27.08 crore).

The frauds have been categorised as diversion of funds in all the three cases. 

Indian Bank said it has held provisions worth Rs 12.58 crore against SONAC. While in the case of other two accounts, the provisions held are equivalent to the entire exposure respectively. 

 

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