After the State Bank of India, Bank of India has classified the loan account of insolvenous reliance communication as fraudulent and his former director, Tycoon Anil Ambani, mentioned, stating alleged fund deviation in 2016, according to a legal submission.
In August 2016, State Bank of India granted a crore loan of £ 700 to Reliance Communications for its current capital and operational expenditure and reimbursement of existing obligations.
Half of the sanctioned amount paid in October 2016 was invested in a fixed down payment, which according to the sanction letter was not permitted, according to the letter from the bank that RCC announced in a stock market application.
RCOM said that on August 22 it received a letter from Bank of India of 8 August stating that the decision of the bank “to classify the company’s loan accounts, Anil Dhirajlal Ambani (promoter and former director of the company) and Manjari Ashok Kacker (firstwhile director of the Company”, as a fraud certificate.
Earlier, State Bank of India (SBI) had done the same in June of this year, claiming that the banking funds abuse by entering into transactions that violated the conditions of the loans.
After a complaint from SBI searched the Central Bureau of Investigation (CBI) on Saturday buildings linked to Reliance Communications and Ambani’s Residence.
CBI said it registered a complaint after the State Bank of India claimed a loss of RS 2,929.05 Crore, as a result of the alleged embezzlement by Reliance Communications and Ambani, the younger brother or sister of Asia’s richest man Mukesh Ambani.
The spokesperson for Anil Ambani, in a statement, “strongly denied all accusations and charges” and said that he “will defend himself properly”.
“The complaint filed by SBI relates to matters that goes back for more than 10 years. At the relevant time, Ambani was a non-executive director of the company, without involvement in daily management,” said the spokesperson.
“It is relevant to note that SBI has already withdrawn a procedure against five other non-executive drivers with its own order. Nevertheless, Ambani has been selectively selected.”
Reliance Communications in the latest application said that her subsidiary Reliance Telecom LTD has also received a letter from Bank of India that conveys the decision of the lender to classify the company’s loan accounts, Grace Thomas (former director of RTL and current director of the company) and certain other persons as ‘Fraud’.
According to the banking laws, once an account must be declared, this is referred to enforcement agencies for criminal action, and the borrower is excluded from access to new finances of banks and regulated institutions for five years.
Bank of India, in the letter described in the Reliance Communications Department, said that RCC NPA had become on 30 June 2017, with an outstanding Crore RS 724.78.
“The bank has followed the borrowers and guarantees for a reimbursement of contribution, but they have failed and neglected to repay the contribution.” Reliance Communications had announced in April that the total debt was 40,400 crore in March.
After unpaid loans, the company was admitted to insolvency and bankruptcy procedures. RCOM is managed under the supervision of a creditor committee, led by SBI and under the supervision of a resolution professional.
Published on August 24, 2025
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