Indian Bank declares Saravana Stores account as fraud

Indian Bank has recently said that it has declared the NPA account of Saravana Stores as fraud. Nature of the fraud is in the form of diversion of funds, said the bank, adding the outstanding balance on Saravana stood at Rs. 230.74 crore.

In a regulatory filing, Indian Bank said, “We have to inform that non-performing account (NPA) Saravana Stores (Gold Palace) has been declared as fraud and reported to RBI as per regulatory requirement.”