Anil Ambani’s Reliance Communications loan fraud totals Rs 14,000 crore: Sources

Anil Ambani’s Reliance Communications Ltd has committed a loan fraud of over Rs 14,000 crores, Enforcement Directorate (ED) sources told The Economic Times on Thursday.

It is noteworthy that Minister of State for Finance Pankaj Chaudhary confirmed in Parliament that the State Bank of India (SBI) had classified Reliance Communications (RCom) and its promoter, Anil Ambani, as “fraudulent” in accordance with RBI guidelines. SBI reported this classification to the RBI and is preparing to file a complaint with the Central Bureau of Investigation (CBI).