BOI declares Anil Ambani's loan-account as fraud: Reliance Communications accused of misuse of ₹ 700 crore, half a money FD

Mumbai22 minutes ago

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After the State Bank of India, Bank of India has also declared the loan account of Anil Ambani’s Reliance Communications (RCom) as fraud. The bank has stated in the filing that funds from the bank were misused. It also includes the name of Anil Ambani, former director of the company.

This loan case is of 2016. The bank says that Anil Ambani and some of his former directors diverted (ie moved the funds). Therefore, the bank has also named Anil Ambani in this fraud case. Bank of India had given a loan of Rs 700 crore to RCom.

In this case, Reliance Communications said that it received a letter of August 8 from Bank of India on 22 August. It describes the loan account of bank’s company Anil Dhirlal Ambani (promoter and former director of the company) and Manjari Ashok Kakkar (former director of the company) as fraud.

CBI files a case against Anil Ambani In the initiative tomorrow, on August 23, the CBI filed a case against Anil Ambani’s company Reliance Communications (RCom) in a Rs 2,929 crore bank fraud case. The CBI has also raided the office of Reliance Communication Limited in Mumbai and Anil Ambani’s house on Saturday (August 23). It is associated with Fraud State Bank of India (SBI).

The case is related to a loan of about Rs 2,929 crore given by SBI to Reliance Group companies associated with Anil Ambani. The company did not repay this loan. It was considered a fraud, as the company did not use the loan money properly or did not follow the rules.

Anil Ambani’s companies accused of misuse of loan A few days ago, State Bank of India declared Anil Ambani’s company Reliance Communications and Anil Ambani himself as “fraud”. SBI says that RCom misused a loan of Rs 31,580 crore taken from the bank.

Out of this, about Rs 13,667 crore was spent in repaying loans of other companies. 12,692 crore rupees were transferred to other companies of Reliance Group. SBI also said that we are in the process of filing a complaint with the Central Bureau of Investigation (CBI) in this case.

Apart from this, the action of Personal Insolvency (Insolvency) against Anil Ambani is also going on in the National Company Law Tribunal (NCLT) Mumbai.