Chennai: Government-owned Indian Bank has declared bad loans amounting Rs 202.32 crore to seven domestic borrowers and USD 5.289 million lent to a foreign company as fraud.

The Indian bank has said it has provided a sum of Rs 129.97 crore as on December 31 last year for the loans to seven domestic borrowers and USD 5.289 million for the amount lent to the foreign borrower.

The  Bank said the eight borrowers who had borrowed money and committed the fraud are namely, Srinivasan Health and Educational Trust (Rs 34.83 crore, nature of fraud is diversion of funds), Indian Gem & Jewellery Imperial Pvt. Ltd (Rs 30.08 crore, diversion of funds), Gold Touch Jewellery Pvt. Ltd (Rs 5 crore, diversion of funds), S. R. Alcobev Pvt. Ltd (Rs 30.54 crore, diversion of funds), Infrastructure Leasing & Financial Services Ltd (Rs 74.40 crore, diversion of funds), Agri Gold Projects Ltd (Rs 23.83 crore, diversion of funds), Jagdeep Singh & Company (Rs 3.64 crore, defective title deed/imperfect mortgage) and Farlin Timbers Pvt. Ltd ($5.289 million, diversion of funds).

On January 22, there was news report, that the  Indian Bank had reported seven borrowal accounts worth Rs 1012.72 crore as fraud during the quarter ended December 31, 2020. The bank’s board has also approved to raise Rs 4,000 crore from share sale. This is besides the board giving its nod for raising Rs 3,000 crore through issuance of Basel III Compliant AT1 / Tier 2 Bonds.

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