Indian Bank declares IFIN account as fraud with over Rs 408 cr outstanding

In October, Punjab and Sind Bank had also reported the account of IFIN as fraud with outstanding dues of over Rs 561 crore to the RBI

Indian Bank said on Tuesday said that it has reported to the Reserve Bank of India (RBI) the account of IL&FS Financial Services (IFIN) as fraud with outstanding dues of over Rs 408 crore.

In October, Punjab and Sind Bank had also reported to the RBI the account of IFIN as fraud with outstanding dues of over Rs 561 crore. 

In September 2018, the government ordered an SFIO probe into the affairs of IL&FS and its subsidiaries. In October, the same year, the National Company Law Tribunal (NCLT) suspended the erstwhile board of IL&FS amid the financial turmoil.

On the