Bank of India has classified Reliance Communications’ ₹700 crore loan as fraudulent, naming former director Anil Ambani and others over alleged fund diversion in 2016. Earlier, SBI made similar allegations. CBI has launched investigations, while Ambani denies wrongdoing
SBI has declared Reliance Communications’ loan account as ‘fraud’ and named Anil Ambani in its RBI report. The telecom firm, currently under insolvency proceedings, says the loans pre-date CIRP and are being addressed through a resolution plan.
Under the approved resolution plan approved by lenders, RCom and its subsidiary RTIL will go to UVARCL, while the tower unit Reliance Infratel will go to Jio for a total consideration of Rs 20,000-23,000 crore to be paid over a period of seven years
