Indian Bank Declares 8 Loan Accounts as Fraud, Including IL&FS
Government-owned Indian Bank has declared bad loans amounting to Rs202.32 crore to seven domestic borrowers and $5.289 million lent to a foreign company as fraud.
 
The bank has said it has provided a sum of Rs129.97 crore as on December 31 last year for the loans to seven domestic borrowers and $5.289 million for the amount lent to the foreign borrower.
 
Indian Bank said the eight borrowers who had borrowed money and committed the fraud are: Srinivasan Health and Educational Trust (Rs34.83 crore, nature of fraud is diversion of funds), Indian Gem & Jewellery Imperial Pvt. Ltd (Rs30.08 crore, diversion of funds), Gold Touch Jewellery Pvt. Ltd (Rs5 crore, diversion of funds), SR Alcobev Pvt. Ltd (Rs30.54 crore, diversion of funds), Infrastructure Leasing & Financial Services Ltd (Rs74.40 crore, diversion of funds), Agri Gold Projects Ltd (Rs23.83 crore, diversion of funds), Jagdeep Singh & Company (Rs3.64 crore, defective title deed/imperfect mortgage) and Farlin Timbers Pvt. Ltd ($5.289 million, diversion of funds).
 
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    tillan2k

    1 week ago

    Bank manager has been decorated with sovereign awards ???

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