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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.

Bengaluru, Feb 27: About 60kg of unaccounted gold ornaments worth Rs. 21 crore were unearthed by officers of the Commercial Taxes Department of Karnataka Government.

The ornaments were recovered after the department conducted surprise inspections and raided business premises of wholesale jewellery dealers in Ranganatha Mansion and Sakalajee Market in Chickpet area of Bengaluru on Tuesday.

"The raid was based on information that many traders from other states visit the city and carry gold jewels without any valid documents and supply it to local jewellers without invoices," said Srikar MS Commissioner of Commercial Taxes in a statement.

The officers raided the premises of 23 jewellers and found 60 kg gold ornaments in stock which were not covered by valid documents. A penalty was levied on the undocumented ornaments.

"It is informed that the enforcement wing is keeping a close watch on the interstate movement of gold, silver and all the dealers in the state are hereby advised not to buy any goods without valid purchase invoices, added Srikar MS.

Bengaluru, Apr 19:  Karnataka's Technical Education department following Union Home Ministry’s guidelines, on Sunday directed all its colleges not to use the Zoom application to conduct online classes during the ongoing lockdown period.

Considering Union Home Ministry's advisory that Zoom app is not safe, the department has taken the decision and issued a circular asking all government, aided and unaided engineering, polytechnic (Diploma) colleges to stop using the app immediately.

The department recommended the use of a free app developed by TCS: "TCS iON Digital class room" or any other App recommended by All India Council for Technical Education (AICTE) to conduct the online classes.