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.
In the illustration, drawn by artist Nigel Buchanan, Bezos has been portrayed as Lord Vishnu, holding lotus in one hand and showing the amazon logo in the other palm.
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If this continues people will forget the real picture of vishnu.
Jeff is the new avtaar of vishnu for western, many more avtaar will come in future.
Bhakths will be now like.. Ban amazon.. Uninstall amazon.. hahaha
ALLAH says in QURAN : O mankind! Worship you Lord (ALLAH) who created YOU and those were before YOU, so that you may become Al muttaqun (Pious).
When ALLAH says he is your LORD.. Intelligent person will try to look & learn what ALLAH says & VERIFIES what he says & if not confirmed he experiment what he Says.
BE one of this INTELLIGENT Person... U will be successful in the eyes of the one who gave LIFE & DEATH.
It is true it hurts our people.
Secondly : It is our Hindu brother's mistake, they are portraying God as men.
The God can not be like human being or any other creature.
The God is creator of everything and almighty. Then how can the God be given the picture of man.
If there is no picture, then nobody can play around with God.
God help us to understand you, your strength, your power and your guidance to all of us so that we succeed here and hereafter.
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