Published on 18/07/2019 8:42:22 AM | Source: Reuters

Allahabad Bank reports SEL Manufacturing's $100 million fraud

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BENGALURU - 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)