InvestorQ : Can you tell me about the recent fraud that Indian Bank has reported?
swati Bakhda made post

Can you tell me about the recent fraud that Indian Bank has reported?

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Sam Eswaran answered.
1 month ago
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Indian Bank has reported Rs.266 crore worth of non-performing assets as fraudulent to the RBI. These frauds are spread across 3 key accounts. All three accounts are NPAs which have now been reported as fraud cases. These 3 borrowers include MP Border Checkpost Ltd (outstanding Rs.167 crore), Pune Sholapur Road Development (Rs.73 crore) and SONAC (Rs.27 crore).

In all the three cases, Indian Bank has identified these frauds as cases of diversion of funds other than for the purpose for which it was sought. However, Indian Bank has already made provisions of Rs.12.6 crore for SONAC outstanding of Rs.27 crore. In the case of the first two accounts, both are already fully provided for.

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