BPSL Fraud: Allahabad Bank Reports Rs 1,775 Crore Fraud By Bhushan Power & Steel

Bloomberg Quint | Jul 13, 2019 at 1:35 PM
  • After Punjab National Bank, another state-owned lender Allahabad Bank reported a fraud of over Rs 1,774 crore by Bhushan Power and Steel Ltd.
  • It is expected that more banks may report fraud committed by Bhushan Power & Steel as the CBI complaint registered in April names several other lenders.
  • BPSL diverted around Rs 2,348 crore through its directors and staff from the loan accounts of PNB (IFB New Delhi, and IFB Chandigarh), Oriental Bank of Commerce (Kolkata), IDBI Bank (Kolkata) and UCO Bank (IFB Kolkata) into the accounts of more than 200 shell companies without any obvious purpose.