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

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Capital Market
Last Updated : Oct 10 2020 | 11:04 AM IST
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

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First Published: Oct 10 2020 | 10:43 AM IST

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