more-inKarnataka Bank Ltd. has reported a fraud to the tune of ₹86.47 crore. The fraud relates to extension of fund-based working capital facilities to Gitanjali Gems Ltd., the bank said in an stock exchange announcement. The fraud occurred due to non-realization of export bills and diversion of funds, the bank said. Karnataka Bank said the working capital facilities were extended by the bank under consortium arrangement. The bank said it would make necessary provision as per Reserve Bank of India guidelines.

Source: The Hindu March 29, 2018 03:35 UTC