26 May 2019
DiamondWorld Directory
Home |
News
Home
Karnataka Bank reports fraud amounting to Rs. 86.47 crore loans extended to Gitanjali Gems
The bank in its BSE filing said that the bank does not have any LoU exposure in Gitanjali Gems Ltd.
By: Diamond World News Service
|
Mar 30 2018 11:04AM
|
Reference: 16219  

DecreaseIncrease

Banks in India seem to be getting no respite from the frauds and the defaulters. While the India’s biggest banking fraud involving Nirav Modi and Mehul Choksi is still fresh, another fraud has been reported to RBI by Mangaluru based Karnataka Bank.

The Bank in its stock exchange filing said that it has reported a fraud to the Reserve Bank of India (RBI) amounting to Rs. 86.47 crore in the fund based working capital facilities extended to  Gitanjali Gems Ltd. on account of non-realization of export bills and diversion of funds and however, Bank does not have any LoU exposure in the aforesaid company. The said working capital facilities were extended  by the Bank under consortium arrangement and necessary provisions will be made as per the extant RBI guidelines.

Nirav Modi and Mehul Choksi are facing investigation in the Rs. 13,000 crore fraud which was they committed on the state-run Punjab National Bank's Mumbai branch, which was reported in early January. Both have reportedly fled the country before the fraud came to light.

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Advertisement
M. Suresh234x60
Search News by City
Advertisement
Kosher 23460
Advertisement
HouseAd_Trade Fair
Recent Issue
2019
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
Spotted: Who Wore What (August 2018)
Pictures: 4
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 13770
GJEPC Chairman Interview
Views: 12624
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 19497
Promo for IJ Awards 2012 at NDTV Profit
Views: 32039
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 35122
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 10220
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 33458
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 31601
Advertisement
KGK_Antwepr
Advertisement
Big Sub-IJ/DW
Member of:
Supporter of: