An Odisha-based micro lender at the centre of a ₹251 crore loan fraud
- The gap in portfolio was managed by fictitious disbursement, subsequent withdrawals and deposited as fictitious collections under the direction of the chief executive
MUMBAI: A fraud of ₹251 crore unearthed at a small Odisha-based non-banking financial company (NBFC) micro-finance institution (MFI) has put the spotlight on “bogus accounts" as the modus operandi for fund diversions.
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