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.
Comments
She is the best External Foreign Minister india ever had. Lets pray for her speedy recovery. India need her badly.
Some sarcastic comments by our dignified readers are unwarranted, as an External Affairs Minster she is doing commendable job unlike her predecessor.
We need to learn to appreciate people irrespective of their political affiliation and/or faith. I pray to Almighty to give her good health to serve India and Indians living abroad for many years to come.
Prophet Muhammad pbuh taught us a beautiful DUA to ask with our CREATOR, who Created the heavens & the earth and all that is in between them.
\ O ALLAH, Lord of MANKIND ! Remove our suffering, Heal us as YOU are the HEALER, and None can HEAL but YOU. I beg YOU to bring about healing that leaves behind no Ailment....
Alhamdullillah (Thanks & praise is due to ALLAH) for guiding me on the knowledge that benefits in our LIFE.."
Poor lady..... the Isa visa issue will start haunting her....before that she wants to get herself admitted so that she donot have to face the media and opposition for ANOTHER BLUNDER by her team (first one was Lalit Modi visa)
She is doing a good job as a foreign minister....may God help her to recover speedily ...
oops ...MAY b terrorist attack on her chest...
Wholeheartedly Pray for Early Recovery. Sushma is one of the Best Foreign Minister in India, ever had. And wonderfully she is Human, though she is in BJP!
Let her go to England to get treated when Lalit Modi and Vijay Malia will pay the bill. Vasundra Raji will be her attender.
Why an VIP room of AIIMS is wasted for such unpatriotic people.
She is an able minister and wish to thank for her services to my nation. I do not see her political color but she has worked beyond the narrow confines of political outlook. May God bless her good health.
Hope this capable and very able minister recovers soon. best external affairs minister in india's history.
You are the pride of India madam! Let God give you all the strength !
She hardly does her job as a minister of external affairs since modi is doing all the travelling not giving her a chance to make her mark as mea. She is probably stressed out because of that.
Get well soon mam. Nation needs you!!
Get well soon madam.
Stress of The Job.
Disturbed to hear that EAM Smt @SushmaSwaraj ji has been admitted to AIIMS. Wish her speedy recovery & good health.
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