Market Movers: Fraud or no fraud? CanFin Homes tanks 6% despite clarification

Indiatimes

NEW DELHI: Shares of CanFin Homes tanked on Monday following a media report that claimed detection of fraud in 37 loan accounts, which may be probed by the Reserve

Bank of India

. This was despite the company denying the report.

CanFin in a regulatory filing said: The above-mentioned news item is factually incorrect. The company has not received any such information from RBI. Hence, this news item has no material impact on the company.

It added that it had indeed detected fraud pertaining to the submission of fake income tax returns in 37 accounts.

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The company said it classified it as a bad loan despite the accounts being maintained regularly and provided for the full amount of Rs 3.93 crore.

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