July 17, 2019 / 2:52 PM / 2 months ago

Allahabad Bank reports SEL Manufacturing's $100 million fraud

BENGALURU (Reuters) - Allahabad Bank Ltd on Wednesday reported a 6.89 billion rupees ($100.1 million) fraud related to textile company SEL Manufacturing Ltd 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 40 billion rupees by the steelmaker.

($1 = 68.8289 Indian rupees)

Reporting By Arnab Paul in Bengaluru; Editing by James Emmanuel

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below