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Canara Bank updates on alleged fraud by Transstroy India Ltd Posted On: 2020-12-19 10:24:57 (Time Zone: Arizona, USA) Canara Bank has announced regarding alleged fraud to the tune of Rs. 7926 Crore by M/s Transstroy India Ltd. The company was enjoying limits from various Banks under Multiple Banking Arrangement from 2001. Subsequently, a Consortium with Canara Bank as Leader with 13 other Banks was formed in 2013 and the total limit sanctioned was Rs.4765.70 Crore and the share of Canara Bank is only Rs.678.28 Crore. The account was declared as fraud and reported to RBI on 10.02.2020. Canara Bank has made 100% provision for this account as per the prescribed prudential norms. The Company has already been declared as Wilful Defaulter on 26.12.2018 by the Bank. Out of 7926.01 Crore fraud amount appearing in the press note, the amount of lending made by all the 14 Consortium members is Rs.4765.70 Crore. Remaining amount was lent under Multiple Banking Arrange ....