Fraudulent Loan Allegations Rock Anil Ambani and Reliance Communications
Bank of India has classified the loans of Reliance Communications as fraudulent, implicating former director Anil Ambani in alleged fund diversion. This follows a similar move by the State Bank of India. An investigation by the CBI is ongoing, while Ambani denies the allegations.
- Country:
- India
The Bank of India has designated Reliance Communications' loan account as fraudulent, citing alleged fund diversion by ex-director Anil Ambani in a 2016 transaction.
This development mirrors an earlier action by the State Bank of India and has prompted the Central Bureau of Investigation to initiate searches relating to the claims.
Ambani has denied the allegations, asserting his minimal involvement during the period in question. Meanwhile, Reliance Communications continues under insolvency proceedings with significant debts.
(With inputs from agencies.)
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