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- After State Bank of India Bank of India Anil Ambani Declared Fraud by Bank of Baroda
Mumbai/New Delhi3 minutes ago
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SBI declared RCom and Anil Ambani as fraud on 13 June.
After the State Bank of India (SBI) and Bank of India (BOI), now Bank of Baroda has also declared the insolvency Reliance Communications (RCom) and its former director Anil Ambani as fraud.
RCom reported that it received a bank letter on 2 September, in which the company and Ambani’s loan account has been registered. The bank gave a line of credit of ₹ 1,600 crore and ₹ 862.50 crore to the company.
Out of ₹ 2462.50 crore on RCom till August 28, ₹ 1656.07 crore is still outstanding. This account is declared NPA from 5 June 2017. The bank says that this decision is based on the forensic audit report.
RCom said- this case is 12 years old
A spokesman for RCom said that the case is 12 years old. Anil Ambani was only non-executive director from 2006 to 2019. He had nothing to do with the company’s daily operation or decisions. All the allegations are baseless, we will resort to legal action.
At the same time, Reliance Power said in the information given to the stock market that the action of Bank of Baroda will not have any effect on its trade operation and financial performance. Anil Ambani has not been on the board of Reliance Power for more than three and a half years.
What does the law say
Under banking laws, an account is sent to case enforcement agencies as soon as a fraud is declared. The borrower cannot take new funding for 5 years. RCom has a total debt of ₹ 40400 crore (till March 2025). It has been in the insolvency process since 2019. The SBI -led Lezor Committee approved a resolution plan in 2020, but the matter is in court.
CBI filed a case 13 days ago
Recently, the CBI has registered a case against Anil Ambani’s company Reliance Communications (RCom) in a bank fraud case of Rs 2,929 crore. The CBI also raided Reliance Communication Limited’s office and Anil Ambani’s house in Mumbai on 23 August. It is associated with Fraud State Bank of India (SBI). Meanwhile, Anil Ambani dismissed all the allegations against him.
Apart from this, the bank has also initiated personal bankrupt proceedings against Anil Ambani, which is pending in Mumbai NCLT. On July 23, the ED raided more than 35 locations associated with Anil Ambani’s Reliance Group. A loan of Rs 3000 crore was taken from Red Yes Bank in a case of fraud case.
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Anil Ambani’s lawyer has urged the State Bank of India i.e. SBI to remove the tag of fraud against Reliance Communications (RCom) and its promoter-director. The lawyer claimed that the bank has taken this step without giving Anil Ambani a chance to present his case. Read full news …
