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BRIEF-Syndicate Bank writes off 8.83 bln rupees on account of fraud in Jaipur region
January 3, 2017 / 8:06 AM / a year ago

BRIEF-Syndicate Bank writes off 8.83 bln rupees on account of fraud in Jaipur region

Jan 3 (Reuters) - Syndicate Bank Ltd

* Clarifies on news item “Assets worth Rs 105 crore seized in Syndicate Bank scam”.

* Says bank has written off 8.83 billion rupees on account of fraud in Jaipur region

* Says loss is fully provided for in financials statements of co as on 31.03.2016

* Bank on detection of fraud, has immediately taken administrative action against the erring officials

* During FY‘16, large value of fraud detected in jaipur region in Malviya Nagar and MI road branches of Jaipur branch and Udaipur branches

* Fraudsters in connivance with banking officials committed fraud of 10 billion rupees by resorting to discounting of fake documents Source text: bit.ly/2j3ctEY Further company coverage:

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