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India probes suspected $90m loan fraud at IDBI Bank

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MUMBAI: India’s federal police agency said it was investigating an alleged 6 billion rupee ($90 million) loan fraud at IDBI Bank, and former senior bank officials were among those being investigated.


Police officials said as many as 15 senior IDBI officials, including former chairman and managing director M S Raghavan, former deputy managing director M O Rego, and former chief executive officer Kishor Kharat, were under investigation, as well as the companies that took the loans and nearly two dozen other individuals.


Raghavan, IDBI’s former chairman, said he could not comment as he had not been informed of the developments.


Rego is currently the chief executive of Syndicate Bank Ltd and Kharat is now the CEO of Indian Bank. Reuters calls to both men’s cell phones went unanswered. Reuters sent e-mails to Syndicate Bank and Indian Bank seeking comment, but there was no immediate response as it was outside business hours. — Reuters


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