India's Allahabad Bank on Saturday became the second Indian state-owned ban...
FILE PHOTO: A man walks past a branch of Allahabad Bank in New Delhi, India, February 1, 2017. REUTERS/Adnan Abidi
Allahabad Bank said in a statement that it had told the Reserve Bank of India, the nation’s central bank, that it had identified a fraud worth $259 million in Bhushan’s accounts. “It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks,” Allahabad Bank said in its statement, adding that it had made provisions of about $131 million against the bank’s exposure.
Prime Minister Narendra Modi’s government introduced new bankruptcy resolution rules in 2016 to help with faster resolution of bad loans, but litigation has tied down some big restructuring deals.
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