Home / Industry / Banking /  Allahabad Bank reports about 688 crore fraud by SEL Manufacturing

New Delhi: State-owned Allahabad Bank on Wednesday said the bank has been hit by a fraud of 688.27 crore by SEL Manufacturing and the matter is before the NCLT.

"We have to inform that a fully provided non-performing account, SEL Manufacturing Ltd (SELM) with outstanding dues of 688.27 crore for which NCLT proceedings are in progress," Allahabad Bank said in a regulatory filing.

The account has also been declared as fraud and reported to the Reserve Bank of India (RBI) as per regulatory requirement, it added.

Last week, the Kolkata-headquartered lender had disclosed to the RBI about a fraud of 1,774.82 crore by Bhushan Steel and Power Ltd (BSPL), alleging diversion of funds from banking system by the company.

"The bank has already made provisions amounting to 900.20 crore against the exposure of the bank in BPSL," Allahabad Bank had said on Saturday.

This story has been published from a wire agency feed without modifications to the text.

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