IDBI bank Share falls- Another loan scam of Rs. 722 crores

IDBI bank share fell 5.90% today (to Rs. 71.75) after Bank reported that fraudulent loans to the tune of ₹ 772 crore were issued five of its branches in Andhra Pradesh and Telangana. These loans for fish farming business were sanctioned during fiscal years 2009-2013.

As per news published, It was later discovered that some of these loans (52 aggregators with principal outstanding of ₹772 crore) were fraudulently obtained by some industrialists who stood as common guarantor for these loans and were referred to as aggregators by submitting fake lease documents of non-existent fish ponds.

It is interesting to see that these banks won't even issue you petty Credit Card if you don't have sound balance sheet, but they are doing just nothing if you want to fool them. Its like if you are honest, you won't get anything and if you are planning to cheat, you can have fortunes, atleast from recent reports of bank frauds in India suggest that .

I am sure, all these revelation will make it even harder for honest people to get loan.