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
Ms Ramya is not wrong, whatever she experiencefrom her visit she described... however what about our PM he didn't visit ?... why he don't open his lips?
Obtain Education to lead Success
LoL.... Only sedition case is enough ? Rape and murder case no need?
There should be 2 more cases to be filed against Modi and Ravishankar....on modi for visiting Pakistan as unwanted guest...Ravishankar for praising Pakistan and saying a slogan \Pakistan Zindabad\"....do not maintain double standard..."
Now Sedition charges is treated like a banana in the meal plate.....
Can we apply this charge to Feku for saree gift and early morning chai .....
Sedition charges ! let start with modi,advani, ravishankar,mohan bagvath .
Sedition ! let it start with modi,advani,ravishankar , mohan bagvath
Very Low level of thinking.
The Gov't of India is keeping their embassy and maintaining all normal relations with Pakistan like these with any other countries.
Praising anybody is always the sign of your goodness. But condemning blindly is bad.
Find the reasons why is it happening. All because of Kashmir issues not solving politically. Until the issue is fairly solved, this unrest between 3parties will carry on with all future generations.
Unfortunately innocent civilians and soldiers have to pay the price.
Study the problem, think and advise the government to find a fair solutions
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