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Image Credit: Reuters

Allahabad Bank reported fraud of Rs 1774 crore by Bhushan Power & Steel to RBI

R Sinduja

News Editor

Allahabad Bank has reported fraud of Rs 1774 crore by Bhushan Power & Steel to the RBI, based on forensic audit investigation findings and CBI filing FIR against the company & its directors. Allahabad Bank said it has been observed that the company misused bank funds and manipulated records to raise funds from consortium lender banks. PNB, last week, reported fraud of Rs 3805.15 crore by the bankrupt BPSL.