Fraud worth $119 million disclosed by IDBI bank

ANIMESH SRIVASTAVA 28/03/2018 15:47:45

Fraud worth $119 million disclosed by IDBI bank- Newstimes News

New Delhi, Mar 28: IDBI bank disclosed fraudulent transactions of Rs. 7.72 billion on Tuesday which was issued from five of its branches located in the states of Andhra Pradesh and Telangana.

The loans were issued for fish farming businesses between the period of 2009-2013 by furnishing fake lease documents of fish ponds which do not exist and by inflating the value of the collateral.

The loans were distributed by two of its officials which came into light after the investigation done by the bank. One official has been dismissed while the other one had already retired.

CBI has registered cases for two of the five complaints, relating to branches of Basheerbagh and Guntur, according to the company.

Shares of the company witnessed a decline of 3.5%.

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