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
All these celebrations started from fatimaid era in Eygpt which belongs to shia sects and then spread to sunni lands which was implemented by the governor of iraq 600 years after Prophet passed away. I request those who celebrate this birthday to READ IQRA read read about the seerah of Prophet Muhammad by yourself.. U will know the REAL LOVE to follow prophet Muhammad Pbuh.
Islamic scriptures do not support any kind of birth day celebration as part of islamic rites... people should avoid these waste expences & energies instead utilize it to promote values of prophet's teachings.
Is it permitted in Islam to celebrate B’day?
Did Prophet (pbuh) celebrate his B’day?
If B’day celebration is permitted in Islam then why did prophet(pbuh) not celebrate his or his parents or his wives or his children B’day?
Where is it told in Quran or Teaching of prophet(pbuh) that color green represents Islam?
thats horibble!! but is it real or whats app/facebook news..any links
Maa shaa Allah
Great. Real visual treat
Usually on this day some kasargod fools wear pakistan military dresses and do march
Eid Milad
Add new comment