Pisciculture Loan Fraud: IDBI Bank Pursuing Legal Action Against Borrowers

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Mumbai, March 29

IDBI Bank on Thursday said it is continuing to pursue all legal actions to recover dues from borrowers who fraudulently obtained pisciculture loans aggregating Rs 772 crore. The public sector bank, in a statement, underscored that the pisciculture loans fraud is not a new case. It was detected and disclosed in 2013. "It was reported to and duly filed with Reserve Bank of India through a fraud monitoring report in 2013.

“The bank would like to reiterate that all the pisciculture loans identified as fraudulent have been fully provided for and there will be no further impact on the profitability/ balance sheet of the bank and has taken action against the erring officers," the statement said.

Published on March 29, 2018

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