Indian Bank reports frauds of over Rs 266 crore in three accounts to RBI
It has declared M P Border Checkpost Development Co Ltd as fraud with an outstanding of Rs 166.89 crore; Pune Sholapur Road Development (Rs 72.76 crore) and SONAC (Rs 27.08 crore).
The frauds have been categorised as diversion of funds in all the three cases.
Indian Bank said it has held provisions worth Rs 12.58 crore against SONAC. While in the case of other two accounts, the provisions held are equivalent to the entire exposure respectively.