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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.

Udupi, June 21: An entrepreneur lost his life after the car he was driving veered off the road and plunged into a roadside tank near Barkuru in Brahmavar taluk of Udupi district today.

The deceased has been identified as Santosh Shetty, a resident of Vakwadi in Kundapur taluk. He is the proprietor of Laxmi Glass and Plywood, Koteshwara. 

A woman, identified as Shweta, who was also on board the car suffered critical injuries.  

The mishap occurred when the duo was heading to Vakwadi from Brahmavar in Hyundai Car sedan car. 

Shetty lost control over his vehicle while negotiating a curve at Chaulikere and the car plunged off the road as there was no barricade. 

Even though local residents began rescue operation immediately, Shetty breathed his last on the spot. Shweta was rescued and shifted to a hospital in Manipal for treatment.

Bengaluru, Jan 7: Karnataka Chief Minister BS Yediyurappa on Monday said the much-awaited cabinet expansion will take place in about a week to 10 days and that he wants to complete the exercise before his proposed visit to Davos to attend the World Economic Forum meet later this month.

"Cabinet expansion has to be done in a week or 8-10 days. There is also information that Amit Shah will be coming to Bengaluru on January 16 or 18. Before that I will go to Delhi and get things cleared and will expand the cabinet at the earliest," Mr Yediyurappa said.

Speaking to reporters in Bengaluru, he said he wanted to complete the exercise before his Davos visit.

"I will make all efforts to expand the cabinet before that," he said.

With Mr Yediyurappa making it clear that 11 of the disqualified JDS-Congress MLAs who got re-elected in the December 5 bypolls on BJP tickets will be made ministers, lobbying has been on within the party for the remaining ministerial berths.

Currently, there are 18 ministers, including the Chief Minister, in the cabinet that has a sanctioned strength of 34.

Cabinet expansion will not be an easy task for the Chief Minister as he will have to strike a balance by accommodating the victorious disqualified legislators as promised and also make space for the old guards, upset at being "neglected" in the first round of the induction exercise.

He also has to give adequate representation to various castes and regions in his cabinet and also deal with the allocation of key portfolios.

The Chief Minister, who has indicated that the ministry expansion may take place any time after Sankranti, is likely to travel to Davos on January 20, according to sources.

BS Yediyurappa, along with Union ministers Piyush Goyal and Mansukh Mandaviya, as well as Chief Ministers Amarinder Singh, Kamal Nath, are expected to join over 100 Indian CEOs at Davos in Switzerland later this month for the WEF's 50th annual meeting, which will be attended by thousands from across the globe.