Bank of Baroda called Anil Ambani a fraudster
Anil Ambani, the chairman of the Reliance Group, has also been deemed a fraud by Bank of Baroda and is facing action from the ED and CBI in a number of loan fraud instances. The junior Ambani was previously deemed a fraud by both Bank of India (BOI) and State Bank of India (SBI).
According to Reliance Communications (RCOM), on September 2, the bank sent a letter to the company about this. The bank has given the business a ₹1,600 crore and ₹862.50 crore line of credit.
Since 2017, RCOM has failed to repay a debt of ₹1,656 crore.
A line of credit (LOC) is a kind of revolving credit that lets you borrow and pay back funds from a bank or other financial institution as needed, up to a certain maximum. It differs from the standard loan method, in which the entire loan amount is paid to you in one lump sum.
The bank claims that as of August 28, ₹1,656.07 crore of the ₹2,462.50 crore loan that RCOM had taken out is still owed. Since June 5, 2017, this account has been classified as a non-performing asset (NPA). If a person or business fails to make interest or installment payments on a bank loan for ninety days or longer, the loan becomes
According to Reliance Communications, the issue dates back twelve years.
According to the Reliance Communications representative, this issue has existed for twelve years. From 2006 to 2019, Anil Ambani served solely as a non-executive director. He was not involved in the day-to-day decisions or activities of the organization. We will pursue legal action because all of the accusations are unfounded.
Reliance Power, however, told the stock market that its trading activities and financial results will not be impacted by Bank of Baroda’s action. It has been over three and a half years since Anil Ambani left the Reliance Power board.
Thirteen days ago, CBI registered a case.
Reliance Communications (RCOM), owned by Anil Ambani, was recently the target of a?2,929 crore bank fraud investigation filed by the CBI. On August 23, the CBI also raided Anil Ambani’s home and the Mumbai office of Reliance Communication Limited. The State Bank of India (SBI) is connected to this fraud. Anil Ambani, however, has refuted every accusation made against him.
The bank has also filed for Anil Ambani’s personal bankruptcy, which is still pending before the Mumbai NCLT. Additionally, the ED raided over 35 premises associated with Anil Ambani’s Reliance Group on July 23. The raid was carried out in relation to a ₹3,000 crore loan fraud case that was obtained from Yes Bank.
