Jun 6: Private sector lender Karnataka Bank has reported to the RBI that it has been defrauded of over Rs 285 crore consequent to loans gone bad to four entities including DHFL.
A total of Rs 285.52 crore has been reported as fraud wherein the bank was one of the consortium lenders during 2009 to 2014 to Dewan Housing Finance Corporation Ltd (DHFL), Religare Finvest, Fedders Electric and Engineering Ltd and Leel Electricals Ltd, Karnataka Bank said in a regulatory filing on Friday.
The maximum is owed by DHFL at Rs 180.13 crore, followed by Religare Finvest Rs 43.44 crore, Fedders Electric Rs 41.30 crore and Leel Electricals Rs 20.65 crore.
"DHFL (defaulted entity) dealing with us since 2014 had availed various credit facilities under consortium arrangement wherein, we were one of the member banks. In view of Early Warning Signals (EWS) in the conduct of the account and other developments, the account was red flagged on November 11, 2019.
"The borrowing account was classified as Non-Performing Asset on October 30, 2019 and now, for misappropriation & criminal breach of trust & diversion of funds in the credit facilities extended earlier to the company, a fraud amounting Rs 180.13 crore has been reported to RBI," Karnataka Bank said.
Likewise, Religare Finvest Ltd (RFL) was dealing with the bank since 2014, availing various credit facilities.
Following classification of this account as non-performing in October 2019 by a consortium member, Karnataka Bank reported to RBI a fraud amounting to Rs 43.44 crore in the credit facilities extended earlier, on account of diversion of funds.
Leel Electricals was classified as NPA account in March 2019 and it reported to RBI a fraud amounting to Rs 20.65 crore in the credit facilities to the company on account of diversion of funds.
"In all the referred three non-performing accounts, necessary provisions have been made in full to be spread across four quarters," it said.
Fedders Electric and Engineering Limited was reported as NPA in July 2018 by a member bank in consortium, subsequent to which Karnataka Bank reported fraud of Rs 41.30 crore on account of fund diversion.
The account has already been fully provided for, it added.
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BJP will get more 200 votes and Yediyurappa will be next CM. This is already finalised and Yediyurappa has been told this by one Mawlwi who was asked by him to do some black magic at his home. Yediyurappa should camp in Bangalore and do the preparation for oath taking ceremony. Yediyurappa is the beloved leader of Karnata people as he did lots of good things to people while he was CM. He was sent to jail due to wrong allegation though he was innocent. He is very pious and religious person and always thinks for good things to people. He respects people from all religions and hence people for all religion respect and love him. Karnataka will be number one state in India if Yediyurappa comes to power. Only he can solve Kaveri + Mhadevi + Belgaum + Kasargod issues.
The last wish of life which cannot fulfil.
Yenchina marl marere, election muggidiji Yeddi 17 k oath dethenuvege. Oatha boka yenchina.
ತಿರುಕನ ಕನಸು
You decided already.. Funny old man
BJP will win..! too much confidence.. ahah
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