Fraud reported from Karnataka Bank; further details awaited
- Country:
- India
Karnataka Bank Saturday said it has reported to regulator RBI about a fraud amounting to Rs 13.26 crore in the fund-based working capital facility extended to SRS Finance Ltd. The fraud was on account of "diversion of funds", the lender said in a BSE filing.
The bank extended the working capital facility under multiple banking arrangements and necessary accounting treatment has already been given as per the extant RBI guidelines, it added.
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