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
Pakistanis have crossed the limits .India must nuke them...may be they might fire few nukes ...but India even after losing some population will be there ...Pakistan is a curse for entire world ...I sincerely request our powerful pm to conduct massive attack in Pakistani soil..our Modiji really on right track be it in black money ..70,000 crores in just 4 months its something amazing and he came to states help during kaveri crisis .my vote and my family vote next time for BJP.please give chance to real Muslim leaders like mr Abdul azim in the new govt .we are sick of chaprasi congress leaders.
Jeevan, Dubai is not in India....you need to go back to school....
in my opinion he should return back to india, they are more powerful in saudi. if they have guts come to india and threaten them only one shot will bhoom them to hell.
Ali khan is a real indian, this big hole pakistanis cant do anything to him or his son,
hijda pakistanis always play hide and seek, come infront and talk bas***ds.
No need to worry aamir.. pakistanis always toss.. they only know to bark they wont bite.
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