DENA BANK - Clarifies on news item
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| 20 Aug 2014 | |
| With reference to the news item appearing in the newspaper dated August 20, 2014, titled "OBC, Dena in Rs. 436 cr FD scam", Dena Bank has Clarified to BSE as under :<br/><br/>"1. Malabar Hill Branch of the Bank received bulk Term Deposits from various Entities / Govt. Organisations between January 30, 2014 and May 05, 2014. Subsequently, Term Deposits amounting to Rs. 256.69 cr were pledged to the Bank by the same signatories to obtain overdraft facilities of Rs. 223.25 Cr (Present outstanding 217.17 cr). The funds were surreptitiously transferred out of the Bank by creating fake overdraft facility, resulting in a fraud on the Bank and the concerned Entities/Govt. Organizations. The Bank has lodged complaint in this regard with CBI.<br/><br/>2. Bank has made a provision of Rs. 54.29 cr during the quarter ended June 30, 2014 and the balance to be provided equally in subsequent three quarters of FY 2014-15. An appropriate disclosure was made at point No. 6, in Notes to Accounts in the SEBI format containing unaudited reviewed financial results for the quarter ended June 30, 2014. The SEBI format was submitted to NSE and BSE on August 09, 2014 as per listing requirement.<br/><br/>3. Bank has suspended the erring Branch Manager and transferred the staff of the concerned Branch." | |
| View all announcements for DENA BANK | Source: BSE India |
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