After SBI, BoI puts ‘fraud’ tag on Anil Ambani, RCom

After State Bank of India, Bank of India has classified the loan account of Reliance Communications as fraudulent and named its former director Anil Ambani, citing alleged fund diversion in 2016, according to a regulatory filing. Ambani hit back at Bank of India, calling its action selective and contrary to due process. Ambani said he was being unfairly singled out.

“Astonishingly, after an inordinate lapse of more than 10 years, select lenders have now chosen to initiate proceedings in a staggered and selective manner,” a spokesperson for Ambani said.