Fraud alert! More than Rs 266 crore of fraud reported by Indian bank

On Saturday, Indian Bank said it had reported over Rs 266 crore worth of fraud relating to three non-performing accounts to the Reserve Bank. These non-performing accounts have been reported to the RBI as per regulatory requirements, the public sector lender said in a regulatory filing.

In this fraud case, the bank has identified MP Border checkpost Development Co Ltd with an outstanding of Rs 166.89 crore; Pune Sholapur Road Development (Rs 72.76 crore) and SONAC (Rs 27.08 crore) as defaulters. All three cases were categorized as frauds involving money-laundering.

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The bank reported holding provisions worth Rs 12.58 crore against SONAC. On the other hand, the provisions held on the other two accounts are equivalent to the total exposure.