loan fraud

05 Sep

CBI Books Essel Group Founder Subhash Chandra in Rs 1,322-Crore LIC Housing Finance Loan Fraud

Gurpreet Singh0 CommentsIndiaCBI probe, Essel Group, LIC Housing Finance, loan fraud, personal guarantee, Subhash Chandra

New Delhi (Gurpreet Singh)— The Central Bureau of Investigation has registered a criminal case against Essel Group founder Subhash Chandra and multiple related commercial entities over an alleged loan fraud of approximately 1,322 crore rupees involving LIC Housing Finance Limited. The first information report, lodged by the agency on August 31 following a formal complaint by the public sector lender, invokes provisions of criminal conspiracy, cheating, criminal breach of trust, and public misconduct under the Indian Penal Code and the Prevention of Corruption Act. The investigative complaint centres on two major credit facilities extended in 2018 totaling 980 crore rupees,…

24 Aug

Anil Ambani, Reliance Communications Face Fresh Fraud Tag from Bank of India

Rajeev Sharma0 CommentsBusiness, IndiaAnil Ambani, Bank of India, CBI, loan fraud, Reliance Communications, State Bank of India

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…