Indian Bank reports 3 fraudulent accounts

Indian Bank reported three nonperforming accounts as fraudulent to the Reserve Bank of India.

In a March 4 news release, the bank said S Kumars Nationwide Ltd., Priya Ltd. and Yuvaraj Power Projects Ltd. diverted funds.

The three accounts have outstanding balances totaling 352.9 million rupees, as well as held a combined provision of 338.4 million rupees as of Dec. 31, 2020.

As of March 4, US$ 1 was equivalent to 72.75 Indian rupees.