India’s Allahabad Bank reports $259 mln alleged fraud by bankrupt steelmaker

Financial Post | Jul 13, 2019 at 3:24 PM
  • India’s Allahabad Bank on Saturday became the second Indian state-owned bank to report a major alleged fraud by bankrupt steelmaker Bhushan Power & Steel Ltd this month.
  • On July 6, state-run Punjab National Bank (PNB) said it had reported an alleged fraud of $554.6 million in the steelmaker’s accounts.
  • Bhushan Power and Steel, one of India’s most indebted companies, was among the first 12 companies referred by the RBI to a bankruptcy court for a debt resolution process under India’s new insolvency law.