24
Aug
New Delhi, August 24 — Bank of India has classified Reliance Communications’ loan account as fraudulent, joining State Bank of India in raising allegations of fund diversion against the company and its former director Anil Ambani. The disclosure came through a stock exchange filing on Thursday.The bank said it sanctioned a ₹700 crore loan in August 2016 for capital expenditure, operational costs, and repayment of liabilities. However, nearly half of the funds were allegedly diverted into fixed deposits, a move outside the terms of sanction.Reliance Communications acknowledged receiving a letter from Bank of India dated August 8, informing that the…