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These non-performing accounts have been declared as fraud and reported to RBI as per regulatory requirements, the public sector lender said in a regulatory filing.
It has declared M P Border Checkpost Development Co Ltd as fraud with an outstanding of Rs 166.89 crore; Pune Sholapur Road Development (Rs 72.76 crore) and SONAC (Rs 27.08 crore). The frauds have been categorized as diversion of funds in all three cases.
Indian Bank said it has held provisions worth Rs 12.58 crore against SONAC. While in the case of the other two accounts, the provisions held are equivalent to the entire exposure respectively.