After PNB, Now IDBI Bank discloses Rs 772 crore loan fraud
After PNB, Now IDBI Bank discloses Rs 772 crore loan fraud
Quite a few loans, which were issued during fiscal years 2009-2013 for fish farming businesses, were obtained against fake lease documents of non-existent fish ponds and by inflating the value of collateral, the company added.
The bank found major lapses in processing and disbursing the loans by two of its officials.
The Central Bureau of Investigation (CBI) has registered cases for two of the five complaints, relating to branches at Basheerbagh and Guntur, the company said.
IDBI shares fell as much as 3.5% to Rs 73.6 rupees by 10.45 am, while Nifty PSU Bank index dropped as much as 1.8%.
-PTC News
