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.
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