Indian Bank declares two Non Performing Accounts as Fraud

The accounts include Kiratpur Ner Chowk Expressway and Tantia Constructions accused of diversion of funds.

Sep 24, 2021 10:09 IST India Infoline News Service

Indian Bank
Indian Bank informed the exchanges Thursday that two Non Performing Accounts have been declared as fraud and reported to RBI as per regulatory requirement.

The accounts include Kiratpur Ner Chowk Expressway Ltd. accused of diversion of funds with the amount involved Rs172.73cr with provision held on June 30, 2021, at Rs172.73cr.

The second account Tantia Constructions Ltd. is accused of diversion of funds Rs132.41cr (FB) 11.13 (NFB) (total Rs143.54cr) with provision held at Rs132.41cr.

At around 10.18 am, Indian Bank was trading at Rs131 per piece down by Rs0.95 or 0.72% from its previous closing of Rs131.95 per piece on the BSE.

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