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SC Allows Lenders to Recover Dues from Corporate Personal Guarantors, Judgement Will Impact Big Defaulters

The Supreme Court has paved the way for banks and financial institutions to initiate recovery proceeding against individuals, who have guaranteed corporate loans by upholding the government notification of 15 November 2019. ....

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Bank Frauds: Rise in scams hit capital position of banks

Bank Frauds: Rise in scams hit capital position of banks
In 2019-20, the Indian banking sector saw a 159% jump in dubious transactions to Rs 1.86 lakh crore, the Reserve Bank of Indiaâs data showed.
For the first six month of 2019-20, SBI â the largest lender of the country with about 25% market share in loans â reported 2939 incidents of fraud valued at Rs 25,417 crore.
A spate of frauds has hit the banking sector in recent times which could significantly deplete the capital position of the lenders as they are mandated to set aside capital as provision for the entire fraud amount.
In the last month, two cases of fraud have come up. Firstly, that of IVRCL, where the companyâs MD E Sudhir Reddy and Joint MD R Balarami Reddy was booked by the Central Bureau of Investigation for the alleged fraud of Rs 4,800 crore against a consortium of banks. Another was State-owned Punjab & Sind Bank which declared the account of Sintex Industries which has an ....

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CBI Books Infra Firm IVRCL, Its MD for Alleged Bank Fraud of Rs 4837 Crore

The CBI has alleged that the company had availed credit facilities from consortium members and cheated them by not repaying the loan amount. ....

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CBI registers case against IVRCL, MD, others for ₹4,837-crore fraud

CBI registers case against IVRCL, MD, others for ₹4,837-crore fraud
December 31, 2020
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SBI, in its complaint, said the company, in connivance with some government officials, defrauded a consortium of banks
The Central Bureau of Investigation has registered a case against Hyderabad-based debt-strapped construction and infrastructure company IVRCL Limited, the company’s MD, Joint MD and others for a ₹4,837-crore banking fraud.
The investigating agency registered the case based on a complaint by State Bank of India, Hyderabad, against the company’s Managing Director E Sudhir Reddy and Joint Managing Director R Balarami Reddy, along with some public servants.
SBI, in its complaint, alleged that IVRCL, in connivance with some government officials, defrauded a consortium of public sector banks of over ₹4,837 crore. ....

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Hyderabad's infra firm IVRCL defrauds public banks of Rs 4,837 crore; booked by CBI

‘Even COVID couldn t stop Rs 10,000 Cr scam, CM BSY must resign’: AAP Karnataka
The Central Bureau of Investigation has registered a case against Hyderabad-based IVRCL Ltd, its Managing Director E. Sudhir Reddy, and Joint Director R Balarami Reddy in connection with a Rs 4,837 crore bank fraud case and carried out searches at several locations.
A CBI official said that the agency registered a case against IVRCL Ltd and its MD and Joint Director and other unknown public servants/others on a complaint from State Bank of India, Hyderabad.
He said that it was alleged that the accused, in connivance with unknown public servants and others, defrauded the consortium of public sector banks, consisting of State Bank of India, IDBI Bank, Canara Bank, Andhra Bank, Corporation Bank, EXIM Bank, Punjab and Sind Bank, and Union Bank of India and caused a loss of Rs 4,837 crore. ....

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