Bank of India Reports Significant Fraud by Gupta Power Infrastructure

Bank of India has reported a large-scale fraud of Rs 226.84 crore involving Gupta Power Infrastructure Ltd to the Reserve Bank. As a result, the account was marked as Non-Performing Asset (NPA), and provisions have been made. Despite the fraud, the bank showed improved financial performance in Q3 FY24.

The State-owned Bank of India has unveiled a financial irregularity involving Gupta Power Infrastructure Ltd, declaring a fraud amounting to Rs 226.84 crore. This report was submitted to the Reserve Bank of India, with the bank labeling the account as a Non-Performing Asset.

Subsequently, the Bank of India has set aside provisions totaling Rs 212.62 crore for this case. The situation has not hindered the bank's financial growth, as it reported a 35% rise in net profit, reaching Rs 2,517 crore for the quarter ending December 2024.

Further illustrating its fiscal health, the bank's total income soared to Rs 19,957 crore, a marked increase from Rs 16,411 crore a year prior. Moreover, interest income advanced to Rs 18,210 crore, and net interest income rose to Rs 6,070 crore this quarter.