Allahabad Bank Reports Rs 689-Crore Fraud

State-owned Allahabad Bank Wednesday said the bank has been hit by a fraud of Rs 688.27 crore by SEL Manufacturing and the matter is before the NCLT.

“We have to inform that a fully provided non-performing account, SEL Manufacturing Ltd (SELM) with outstanding dues of Rs 688.27 crore for which NCLT proceedings are in progress,” Allahabad Bank said in a regulatory filing.

The account has also been declared as fraud and reported to the Reserve Bank of India as per regulatory requirement, it added.