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Allahabad Bank Reports Rs 689-Crore Fraud

Earlier this month, Allahabad Bank had flagged a $259 million fraud by bankrupt steelmaker Bhushan Power & Steel Ltd

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Allahabad Bank Reports Rs 689-Crore Fraud

Allahabad Bank on Wednesday reported a Rs 689 crore ($100.1 million) fraud related to textile company SEL Manufacturing to the Reserve Bank of India.

The fraud is already being heard by the country's company law tribunal, the bank said in a statement, adding that it has made provisions for the bad loan.

Earlier this month, Allahabad Bank had flagged a $259 million fraud by bankrupt steelmaker Bhushan Power & Steel Ltd.

State-run Punjab National Bank Ltd and Punjab & Sind Bank Ltd have also reported similar frauds amounting to more than Rs 4,000 crore by the steelmaker.

($1 = Rs 68.82)



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