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Canara Bank probes fraud in unit after whistleblower complaint: Report

Canara Bank probes scams in unit after whistleblower problem: Report

MUMBAI: State-owned lender Canara Bank is investigating scams in its housing finance unit Can Fin Homes, after a whistleblower grievance highlighted irregularities in certain accounts, said a direct source.
The whistleblower letter, sent out at the end of December and likewise addressed to Reserve Bank of India and the National Housing Bank, stated there were irregularities at one of the branches.
“We chose to act upon this problem given the intensity of the situation and discovered out that there were frauds in 37 accounts worth Rs 39 lakh ($504,149.54). We have made arrangements of an equal amount,” said the source, who declined to be named as the discussions were private.
Fake income tax return documents had been sent for those accounts, the source said. An internal committee was still probing the matter to discover more about the nature of the fraud.
Canara Bank and Can Fin Residences did not instantly react to requests looking for remark.
Stocks of Canara Bank and Can Fin House fell 8% and 7% respectively after media reports recommending the main bank might likewise examine the scams. However, in a regulative filing, Canara Bank said it had actually not received any intimation from the regulator about such an investigation.
RBI did not immediately react to a request looking for remark.
Previously this month, Canara Bank posted a net profit of Rs 1,666 crore for the quarter through March, compared to Rs 1,011 crore a year earlier.

Released at Tue, 10 May 2022 12:22:31 +0000

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