Posted: 9-Mar-10 in News India by Manish Kumar 0 comment

Bank of Rajasthan Special Audit on Fraud update

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After SEBI said Bank of Rajasthan is engaged in Fraud, BoR shares dropped by 12% on BSE. A special audit has now been ordered by RBI on this matter.

As per reports, RBI or the Reserve Bank of India has ordered a special audit of the accounts of Bank of Rajasthan following the SEBI statement that the “bank’s promoters have fraudulently hiked their stake in the entity”. As per reports by Sify on the Bank of Rajasthan case, share prices of BoR has dropped by 12.28% to a low of 58.60 on BSE.

A week ago, BoR made news after RBI imposed a Rs 25-lakh fine on the bank following a string of violations. Many transactions of the Bank in property, anti-money laundering, etc. had been pulled up by RBI as “suspicious” at that time. Following this and the new RBI-SEBI case, the RBI has felt the need of a special audit on the Bank.

More updates on the same will be posted soon.

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