New Delhi, Apr 13 (PTI) State-owned Union Bank of India on Wednesday said it has declared IL&FS Tamil Nadu Power Company as a fraud account for diversion of funds, involving Rs 1,315 crore.

"We wish to inform you that the account of IL&FS Tamil Nadu Power Company Ltd with the bank has been classified as fraud, reason being, diversion of funds by the company," the bank said in a regulatory filing.

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The amount outstanding in the account is Rs 1,314.85 crore and provision already held is Rs 525.95 crore, it said.

The bank will initiate the appropriate legal proceedings in this regard in due course of time, it added.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)