BoI declares RCom, Anil Ambani loan accounts fraudulent
Mumbai: Bank of India (BoI) has declared the loan accounts of Reliance Communications (RCom), its Reliance Telecom subsidiary, former promoter Anil Ambani and some directors fraudulent.
Documents uploaded by RCom in stock exchange disclosures show that the total outstanding loans of ₹725 crore had been declared fraudulent. According to the state-run bank, the company invested the money in mutual funds and fixed deposits instead of using it to buy spectrum, for which it was sanctioned.
