Allahabad Bank reported Rs 689 crore fraud by SEL Manufacturing
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The Allahabad Bank reports Rs 689 crore fraud by SEL manufacturing and the matter is before the NCLT. The account has been declared as fraud and reported to the RBI. The bank has made provisions amounting to Rs 900.20 crore against the exposure of the bank in BPSL. Last week, the lender had informed RBI about the fraud of Rs 1774.82 crore by Bhushan Steel and Power Ltd and alleged diverting funds by the company.