B M Farookh acquires Karnataka’s first 2018 Range Rover LWB Autobiography

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.

Dubai, Jul 5: Three Indians, who were repatriated on a chartered flight from the UAE on Friday, have been held in the state of Rajasthan after officials seized gold worth Dh2.2million from them, the government announced on Saturday.

They are likely to be placed under arrest along with 11 others, who were repatriated from Saudi Arabia, from whom gold worth Dh5.5million was seized, a statement from the government tweeted by Press Information Bureau in Rajasthan said.

The gold bars were hidden in emergency lamps, photos attached to the tweets showed.

The 14 passengers had arrived at the Jaipur International Airport by two chartered flights.

They were intercepted by the Customs team at the airport and 31.9kg of gold valued at Rs156,759,820 (Dh7.7million) concealed in the baggage was recovered from these passengers.

Three passengers arrived from Ras Al Khaimah by Spice Jet Flight SG9055 and 12 gold bars/bricks weighing 9.3kg valued at Rs.45,761,100 (Dh2.2million) were recovered from them, the statement said.

The Indian Consulate in Dubai confirmed to Gulf News that the flight was chartered by a private company for repatriating its employees.

It is suspected that the passengers were used as carriers to smuggle gold.

The other 11 accused had arrived from Riyadh and 22.65kg of gold bars, predominantly with Suisse markings, valued at Rs110,998,720 (Dh5.5million) were recovered from them.

“The said recovered gold bars have been seized under Section 110 of the Customs Act, 1962. The said passengers are being interrogated and are likely to be placed under arrest in terms of section 104 of the Customs Act, 1962,” the statement added.

Indian media had earlier reported similar cases in which stranded Indians were apparently lured to be carriers for smuggling gold on repatriation flights from various countries.

A spike in gold smuggling attempts using Indians getting repatriated after losing jobs was also reported from the Indian state of Kerala.

Bengaluru, May 12: Last week, a 28-year-old, eight-months pregnant woman, was found murdered at her house, in Diburahalli. The woman was hacked to death with a machete during the day and was discovered only after her family members returned home, later in the day. After the alleged murder, the accused tried to destroy the evidence, by cleaning the crime scene, and wiping the bloodstains off the walls and floors.

The victim was a homemaker and her husband is employed in the railway department. The police suspected that the murder was a result of someone known to the woman and family, and were soon proved right. The woman was murdered by her own brother-in-law, frustrated with her for allegedly not taking care of his mother and other family members properly.

The victim has been identified as Jyothi, and the accused is her husband’s brother Hareesh Babu, 38. “Jyothi and the accused are alleged to have had differences for the past few years. Their fights kept escalating over the years. She had also informed her family and her husband about the regular fights with the brother-in-law. The accused had been advised by the family, to back off from Jyothi. Owing to his violent streak, Babu’s wife had deserted him and their son. Since his wife’s departure, he had started troubling his brother’s wife and was regularly picked a fight with her.

He complained that Jyothi neglected to take care of his mother and other family members. Investigations reveal these as false allegations, and in fact, Babu’s son was being raised by Jyothi,” said an officer on part of investigations.

Last week, when the victim was resting at home, the accused returned home at around 10.30 am and picked up a fight with her. The fight escalated and Babu ended up hacking her to death with a machete. The victim’s father Nagaraj, at the time of filing a complaint, mentioned Babu’s regular fights with Jyothi and suspected his role in the murder of his pregnant daughter.

The accused, after killing her, had gone to the farm and pretended to not knowing about the the happenings back home. Based on the complainant’s suspicion, the police picked up Babu. After a thorough interrogation, Babu reportedly confessed to the murder of his sister-in-law. The machete, which was used for Jyothi’s murder, was also recovered by the police team.

A case of murder under section 302 of the Indian Penal Code has been registered and further investigations are underway.