SBI flags Reliance Communications’ loan account for suspected fraud and funds diversion
Mumbai: State Bank of India (SBI) is classifying the loan account of bankrupt Reliance Communications as fraudulent, citing alleged diversion of funds in a case dating back to 2016, the telecoms company said.
Reliance Communications made the disclosure in a securities filing on Tuesday, where it said India’s largest lender has decided to report its loan account as “fraud”. The filing attached a June 23 letter from SBI detailing the reasons for the move.
