The nature of the fraud is in the form of diversion of funds. The government-back lender held provision of Rs 115.32 crore against the said account as on 31 December 2020.
Indian Bank is a public sector bank. The Government of India held 88.06% stake in the bank as on 31 December 2020.
The bank reported 108.1% rise in net profit to Rs 514.29 crore on 75.6% increase in total income to Rs 11,421.34 crore in Q3 FY21 over Q3 FY20.
The scrip shed 0.35% to currently trade at Rs 113.95 on the BSE.
