Another ₹266 crore fraud 😑🤦 - YP Buzz Finance

 YP Buzz - 

       The state-owned lender Indian Bank has announced that it has reported fraud of more than R266 crore to the Reserve Bank of India (RBI). The bank reported that the three accounts did not work as fraudulent, it said in a regulatory file on Saturday.

                                      

Indian Bank

These malicious accounts have been declared fraudulent and have been reported to the RBI as a regulatory requirement, the public sector lender said in a formal statement.


Announced MP Border Checkpost Development Co Ltd as fraudulent balance of R166.89 million; Pune Sholapur Road Development (₹ 72.76 crore) and SONAC (₹ 27.08 crore).


Fraud is categorized as money laundering in all three cases.


Indian Bank has said it has withheld offers worth R12.58 crore against SONAC. While in the case of two other accounts, the deductions are equal to all exposures respectively.


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