₹34 crore fraud in Karnataka bank against against IL&FS Transportation
Karnataka Bank has reported to the Reserve Bank of India a fraud in its credit facilities extended to IL&FS Transportation Networks Ltd with an outstanding balance of Rs 34.16 crore.
IL&FS, a major infrastructure financing and construction company, collapsed in late 2018 after a series of defaults that triggered fear of contagion in India's financial sector and forced the government to take control and overhaul its board
The private lender added that IL&FS Transportation had availed credit from it during 2016. The borrowing account was classified as a non-performing asset during 2018 and it "has been fully provided for", the bank said. Karnataka Bank stock closed 0.72 per cent down at Rs 69.40 apiece on BSE.
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