Bengaluru: Allahabad Bank Ltd on Wednesday reported a Rs 6.89 billion ($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 Rs 40 billion by the steelmaker.