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It’s IDBI’s turn, it discloses Rs 772 cr loan scam

IDBI Bank today discloses Rs 772 cr loan scam. The state-run IDBI Bank today disclosed that it has fraudulent loans of up to Rs 772 crore that were issued through five of its branches in Telangana and Andhra Pradesh.

The bank revealed that some of the fraudulent loans, issued during fiscals 2009-13 for fish-farming businesses, were taken after submitting fake documents and overvalued collateral security.

The bank also found major lapses in the processing and disbursing of the loans by at least two of its officials.

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