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Allahabad Banks reports 2nd fraud in a week
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SME Times News Bureau | 18 Jul, 2019
In a major development that
raises serious questions on Allahabad Bank's operation, the state-run
bank has reported about being defrauded for the second time in just a
week.
After Bhushan Power and Steel, SEL Manufacturing Ltd. (SELM) has defrauded the bank of Rs 688.27 crore.
Allahabad
Bank on Saturday informed the stock exchanges that it has been
defrauded by Bhushan Power & Steel Ltd (BPSL) to the tune of Rs
1,774.82 crore.
However, the bank on Thursday said "we have to
inform that a fully provided Non Performing Account, viz. SEL
Manufacturing Ltd. (SELM) with an outstanding due of Rs 688.27 crore for
which NCLT proceedings are in progress, has also been declared as fraud
and reported to RBI as per regulatory requirement," the bank said in a
regulatory filing.
At 12.40 p.m., Allahabad Bank was trading at Rs 42.30, down 2.70 per cent from its previous close.
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