RS 772 Crore Fraud In IDBI Bank

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IDBI Bank Ltd said on Tuesday that fraudulent loans of Rs772 crore ($118.8 million) were issued from five of its branches in Andhra Pradesh and Telangana.

The years 2009-2013 for fish farming businesses were obtained against fake lease documents of non-existent fish ponds and by inflating the value of collateral, the company said.

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The company found major lapses in processing and disbursing the loans by two of its officials. The lender dismissed one of the officials, while the other officers had already retired, it said.

The Central Bureau of Investigation (CBI), has registered cases for two of the five complaints, relating to branches at Basheerbagh and Guntur.