Allahabad Bank reports Rs 1,774 crore fraud by Bhushan Power and Steel

Money Control | Jul 13, 2019 at 5:27 PM
  • Allahabad Bank has reported fraud of Rs 1774.82 crore by Bhushan Power & Steel to the Reserve Bank of India (RBI), the Kolkata-based state-owned lender said in an exchange filing on July 13.
  • Bhushan Power & Steel defaulted on Rs 47,700 crore worth of loans in 2017 and was one of the 12 cases referred for resolution under Insolvency and Bankruptcy Code.
  • The company is also facing probe by the Serious Fraud Investigation Office (SFIO).