{"id":26281,"date":"2018-03-29T11:58:01","date_gmt":"2018-03-29T11:58:01","guid":{"rendered":"http:\/\/punjabnews24.com\/?p=26281"},"modified":"2018-03-29T11:58:01","modified_gmt":"2018-03-29T11:58:01","slug":"idbi-reports-rs-772-crore-fraud-shares-fall-5-25-per-cent","status":"publish","type":"post","link":"https:\/\/blastingskyhawk.com\/english\/idbi-reports-rs-772-crore-fraud-shares-fall-5-25-per-cent\/","title":{"rendered":"IDBI reports RS 772 crore fraud, shares fall 5.25 per cent"},"content":{"rendered":"<p><strong>IDBI Bank shares fell by 5.25 per cent to Rs 75.25 after the bank reported a loan fraud of Rs 772 crore involving borrowers in Andhra Pradesh.<\/strong><\/p>\n<p>IDBI Bank had sanctioned Pisciculture loans during the period from FY2009 to FY2013 in some branches of erstwhile state of Andhra Pradesh. \u201cSubsequently, these cases were parked in five branches \u2014 Basheerbagh in Hyderabad, Guntur, Rajahmundry, Bhimavaram and Palangi. It was later discovered that some of these loans (52 aggregators with principal outstanding of Rs 772 crore) were fraudulently obtained by some industrialists who stood as common guarantor for these loans and were referred to as aggregators, by submitting fake lease documents of non-existent fish ponds,\u201d the bank said in a stock exchange filing.<\/p>\n<p>Further, the empanelled valuers also inflated the value of the collateral securities. \u201cWhile the recovery was achieved in certain accounts, most of the accounts turned NPA from FY 2014 onwards. It was also observed while conducting staff accountability exercise that there were major lapses while processing and disbursing the loans, mainly in respect of Battu Rama Rao, GM and R Damodaran, Ex CGM,\u201d the bank said.<\/p>\n<p>Rama Rao has been dismissed from service while Damodaran had already retired, the bank said. Thereafter, the bank filed five separate complaints with CBI for further investigation in respect of the cases dealt in the five branches. The Central Bureau of Investigation (CBI) has registered the cases for two of the five complaints filed with them in respect of the branches at Basheerbagh and Guntur. CBI is, however, yet to register the cases filed by IDBI Bank in respect of the remaining three branches at Rajahmundry, Bhimavaram and Palangi.<\/p>\n<p>\u201cThe bank has already provided for these loans to the extent of 100 per cent and hence, there is no further impact of these accounts on the profitability or balance sheet of the bank. The bank continues to pursue all legal actions to recover the dues from these borrowers,\u201d it said.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>IDBI Bank shares fell by 5.25 per cent to Rs 75.25 after the bank reported a loan fraud of Rs 772 crore involving borrowers in Andhra Pradesh. IDBI Bank had sanctioned Pisciculture loans during the period from FY2009 to FY2013 in some branches of erstwhile state of Andhra Pradesh. \u201cSubsequently, these cases were parked in [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":26282,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-26281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/26281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=26281"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/26281\/revisions"}],"predecessor-version":[{"id":26283,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/26281\/revisions\/26283"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/26282"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=26281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=26281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=26281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}