Reliance Communications

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…

23 Aug

CBI Files Bank Fraud Case Against Anil Ambani and Reliance Communications

Rajeev Sharma0 CommentsBusiness, IndiaAnil Ambani, bank fraud case, CBI, NCLT, Reliance Communications, SBI fraud

New Delhi: The Central Bureau of Investigation (CBI) has lodged a case against Reliance Communications (RCom) and its promoter-director Anil Ambani over an alleged bank fraud that caused losses of over Rs 2,000 crore to the State Bank of India (SBI).Officials confirmed that searches are underway at Ambani’s residence as well as premises linked to RCom. The case stems from a complaint filed by SBI, which classified the company’s account and its promoter as “fraud” in line with the Reserve Bank of India’s (RBI) directions on fraud risk management.According to the complaint, SBI’s total exposure includes a fund-based principal outstanding…