Gitanjali Gems defrauds Karnataka Bank of ₹86.5 crore
Karnataka Bank has informed RBI about a fraud amounting to ₹86.47 crore related to extension of fund-based working capital facilities to fraud-accused jeweller Mehul Choksi's Gitanjali Gems. The bank said that fraud occurred due to non-realisation of export bills and diversion of funds. However, the bank said that it didn't have any Letter of Undertaking (LoU) exposure in Gitanjali Gems.

Gitanjali Gems defrauds Karnataka Bank of ₹86.5 crore

Karnataka Bank has informed RBI about a fraud amounting to ₹86.47 crore related to extension of fund-based working capital facilities to fraud-accused jeweller Mehul Choksi's Gitanjali Gems. The bank said that fraud occurred due to non-realisation of export bills and diversion of funds. However, the bank said that it didn't have any Letter of Undertaking (LoU) exposure in Gitanjali Gems.

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