state Bank of India After, now the Bank of India has also declared the loan account of insolvency Reliance Communications as fraud. The bank has also taken the name of former company director Anil Ambani in this matter. In the information given to the stock market, Bank of India has allegedly cited the manipulation of money in 2016. In August 2016, the public sector bank gave a loan of Rs 700 crore to Reliance Communications for its current capital expenditure and operational expenditure and payment of existing liabilities.
Reliance Communications gave information to the stock market
Reliance Communications (RCom) has told about the bank’s letter in the information given to the stock market. According to this, half of the sanctioned amount released in October 2016 was invested in an FD, which was not allowed according to the acceptance letter. RCom said that it received a letter of August 8 from Bank of India on 22 August, which has been informed by the bank to classify the loan account of “Company, Anil Ambani (company’s promoter and former director) and Manjari Ashok Kakkar (former director of the company) as a fraud.
State Bank of India also accused the company of money manipulation of money in June
Earlier, the State Bank of India (SBI) also did the same in June this year, in which violating the terms of the loan, he was accused of misuse of the bank’s money. Following the complaint of SBI, the CBI on Saturday searched the premises associated with Reliance Communications and Ambani’s residence. The CBI said that State Bank of India has claimed a loss of Rs 2929.05 crore due to alleged rigging by Reliance Communications and Anil Ambani.
What did Anil Ambani spokesperson say
Following the complaint of State Bank of India, the Central Investigation Agency filed a complaint. Anil Ambani’s spokesperson in a statement strongly denied all the allegations and prosecutions and said that he would defend himself. The spokesman said, “The complaint filed by SBI is related to more than 10 years old cases. At that time, Anil Ambani was the non-executive director of the company and he had no role in the company’s daily management.
With PTI inputs
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