New Delhi, Jul 13 () After Punjab National Bank (PNB), another state-owned lender Allahabad Bank Saturday reported fraud of over Rs 1,774 crore by Bhushan Power and Steel to the Reserve Bank of India.
Allahabad Bank in a regulatory filing said on the basis of forensic audit investigation findings and CBI filing FIR against the company and its directors, alleging diversion of funds from banking system by Bhushan Power and Steel Ltd (BPSL), a fraud of Rs 1,774.82 core has been reported by the bank to the Reserve Bank.
Last week, PNB reported a fraud worth Rs 3,805.15 crore by the bankrupt steel company BPSL by misappropriating bank funds and manipulating its books of accounts.
