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Karnataka Bank reports Rs 34.16 crore fraud against IL&FS Transportation to RBI

Karnataka Bank on Friday said, “It has informed the RBI regarding a fraud of Rs 34.16 crore in credit facility extended to IL&FS Transportation Network.”

In a filing with the exchange, Karnataka Bank said, “The bank has reported to RBI (Reserve Bank of India), a fraud in the credit facilities extended earlier to IL&FS  Transportation Network Ltd with an outstanding balance of Rs 34.16 crore.”

“IL&FS Transportation had availed credit from Karnataka Bank during 2016 under multiple banking arrangements in which it was one of the members,” the bank said.

“During 2018, the borrowing account was classified as non-performing assets and has been fully provided for it. As such, no impact on the financials of the Bank going forward,” it added.

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