Indian Bank says 8 loan accounts as fraud, including IL&FS;

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

The 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 $5.289 million for the amount lent to the foreign borrower.

Indian Bank said the eight borrowers who had borrowed money and committed the fraud are: 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).

(IANS)