INSUBCONTINENT EXCLUSIVE:
Allahabad Bank on Wednesday reported a Rs 689 crore ($100.1 million) fraud related to textile company SEL Manufacturing 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 4,000 crore by
the steelmaker.($1 = Rs 68.82)Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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