Karnataka Bank reports fraud of Rs 107.99 cr in facilities extended to Sintex Industries

Karnataka Bank has reported to the Reserve Bank of India a fraud amounting to Rs 107.99 crore in the credit facilities extended earlier to Sintex Industries, on account of diversion of funds.

During August 2019, the borrowing account was classified as a Non-Performing Asset and has been fully provided for and as such, no impact on the financials of the Bank going forward

Powered by Capital Market - Live News