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Report: Indian Bank, Syndicate Bank execs may quit over alleged fraud

Indian Bank Managing Director and CEO Kishor Kharat and Syndicate Bank Ltd. Managing Director and CEO Melwyn Rego may step down or retire voluntarily amid investigations over their roles in an alleged 6-billion-rupee loan fraud at IDBI Bank Ltd., The Economic Times reported May 9, citing an unnamed senior government official.

Media reports said in April that the country's Central Bureau of Investigation was looking into alleged fraud at IDBI Bank between 2010 and 2014, and has filed a criminal case against 15 former officials of IDBI Bank and 24 other individuals.

Kharat was the managing director and CEO of IDBI Bank at the time, while Rego was deputy managing director.

The government and the lenders have held talks on the fate of the two officials, the source said, adding that the two are being pressured to resign.

In two separate May 9 filings, Indian Bank and Syndicate Bank said the reports appeared to be speculative and that they had no comments on the matter.

The two lenders previously said the probe into the alleged fraud case does not involve them.