Mumbai/Bengaluru: Indian police have opened a probe into the directors of Lakshmi Vilas Bank after a customer accused them of misappropriating funds, the bank said late on Thursday. "It appeared that there was a wider conspiracy to illegally misappropriate RFL's funds and LVB was at the center of it," said the complaint, which was filed against the directors of Lakshmi Vilas. Reuters was not immediately able to contact the directors of Lakshmi Vilas Bank or RFL for comment. Lakshmi Vilas said earlier this year it would merge operations with housing finance firm Indiabulls Housing Finance Ltd (IBHF) in a share-swap deal. One source at Lakshmi Vilas, who asked to remain anonymous, said the merger would not be affected by the investigation.

Source: Mint September 27, 2019 09:56 UTC