July 17, 2019 / 2:51 PM / a month ago

India's Allahabad Bank reports SEL Manufacturing's $100 mln fraud

BENGALURU, July 17 (Reuters) - India’s 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 here 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)

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