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

Sel Manufacturing

17/07/2019 15:49

BENGALURU, July 17 (Reuters) - India's Allahabad Bank Ltd
 ALBK.NS  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 https://www.nseindia.com/corporate/ALBK_17072019192505_SEL_NSE_BSE_304.pdf
 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.
 urn:newsml:reuters.com:*:nL4N24E04Y
    State-run Punjab National Bank Ltd  PNBK.NS  and Punjab &
Sind Bank Ltd  PUNA.NS  have also reported similar frauds
amounting to more than 40 billion rupees by the steelmaker.
 urn:newsml:reuters.com:*:nL4N24I31J

($1 = 68.8289 Indian rupees)

 (Reporting By Arnab Paul in Bengaluru; Editing by James
Emmanuel)
 ((arnab.paul@thomsonreuters.com; +91 8067493881; Reuters
Messaging: arnab.paul.thomsonreuters.com@reuters.net))