Indian bank qualifies 8 loan accounts, including IL&FS, as fraud

The Government-owned Bank of India declared bad debts in the amount of Rs 202.32 crore to seven domestic borrowers and $ 5.289 million loaned to a foreign company as fraud.

The bank said it provided an amount of Rs 129.97 crore as of December 31 of last year for loans to seven domestic borrowers and $ 5.289 million for the amount loaned to the foreign borrower.

Indian Bank said the eight borrowers who borrowed money and committed the fraud are: Srinivasan Health and Educational Trust (Rs 34.83 crore, the nature of the fraud is embezzlement), Indian Gem & Jewelery Imperial Pvt. Ltd (Rs 30.08 crore, embezzlement), Gold Touch Jewelery Pvt. Ltd (Rs 5 crore, embezzlement), SR Alcobev Pvt. Ltd (Rs 30.54 crore, embezzlement), Infrastructure Leasing & Financial Services Ltd (Rs 74.40 crore, embezzlement), Agri Gold Projects Ltd (Rs 23.83 crore, embezzlement), Jagdeep Singh & Company (Rs 3.64 crore, Defective Title Deed / Imperfect Mortgage) and Farlin Timbers Pvt. Ltd ($ 5.289 million, embezzlement).

–IANS

vj / dpb

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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