Money & Bankin

Indian Bank reports Pratibha Group fraud for dues of ₹574.66 crore

Our Bureau. Chennai | Updated on December 24, 2020 Published on December 24, 2020

Chennai-headquartered public sector Indian Bank has announced that it fully provided Non-Performing Accounts of two companies of Pratibha Group namely, Pratibha Industries and FEMC-Pratibha joint venture, with total outstanding dues of ₹574.66 crore has been declared as fraud and reported to RBI as per regulatory requirement.

The Bank has already made full provision of ₹574.66 crore against the aforesaid two accounts, the bank informed the stock exchanges.

Last week, the bank said it fully provided for IL&FS Financial Services Ltd with outstanding dues of ₹2408.00 crore has been declared as fraud and reported to RBI as per regulatory requirement.

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Published on December 24, 2020
economic offence
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