Money & Banking

Saravana Stores declared a ‘fraud’ account by Indian Bank

Our Bureau Chennai | Updated on May 06, 2021

Bank makes provision of Rs 115 crore against the account

Indian Bank has declared Saravana Stores (Gold Palace), a non-performing asset account with outstanding dues of ₹230.74 crore, as “fraud” and reported it to the Reserve Bank of India, the bank informed the stock exchanges.

The Chennai-headquartered Indian Bank has already made a provision of ₹115.32 crore against the account.

In March, Indian Bank had issued a sale notice of two immovable properties belonging to Saravana Stores (Gold Palace) in T Nagar, a commercial hub of Chennai, to recover dues of ₹288 crore from its partners, guarantors and title holders.

Formed in 2006, Saravana Stores (Gold Palace) is engaged in the retailing of jewellery and textiles, among others, in Chennai.

Published on May 05, 2021

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