Bank Of India Declares ₹575.40 Crore Future Enterprises Loan Account As Fraud, Full Provision Made
Mumbai: Public sector lender Bank of India has declared the non-performing asset (NPA) account of Future Enterprises Limited as fraud, involving an outstanding amount of Rs 575.40 crore. The bank disclosed the development in a regulatory filing submitted to stock exchanges on Monday. The lender said it has already made provisions covering the entire outstanding amount and has reported the matter…
Mumbai-based Bank of India has classified Future Enterprises Limited's ₹575.40 crore loan account as fraudulent, as per a regulatory filing submitted on Monday. The bank announced full provisioning for the outstanding amount, amounting to Rs 575.40 crore, in line with reporting requirements set by the Reserve Bank of India (RBI).
Bank of India's Company Secretary, Usha Ramsinghani, signed the official disclosure, which was communicated to both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The classification of the account as fraud was made under the bank's policy for determining and disclosing material events. While the filing does not disclose any potential recovery, it does note that the provisioning covers the entire outstanding exposure.
The RBI was informed about the fraud classification on October 12, 2026, as mandated by applicable banking regulations.
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