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New delhi: After State Bank of India and Bank of India, Now Bank of Baroda has also declared the loan accounts of bankrupt reliastic communications (rom) and anil ambani as fraud. This action has been taken on the basis of alleged misuse of loans which was given almost a decade ago.

Anil Ambani under Ed Scanner in Rs 3,000 Crore Yes Bank Money Laundering Case

Information of Fraud and Details of Outstanding Amount

RCom said that it has received a letter from bank of baroda on September 2, informing the decision to declare the loan accounts of the company and its promoter anil ambani as fraud. The bank had classified these accounts as non-performing assets (NPAS) in 2017 itself. Bank of Baroda Had Extended A Total Loan Facility of Rs 1,600 Crore and Rs 862.50 Crore to rom, of which about Rs 1,656.07 Crore remained as on August 28.

Current Status of Corporate Insolvency Resolution

RCom is undergoing a corporate insolvency resolution process to regain its control and repay its its liabilites. However, bank of baroda has cleaned that there is no active repayment plan approved by nclt at this time.

Anil Ambani’s Reliance Communications in Trouble; SBI Declares Loan Account as ‘Fraud’

Statement of Anil Ambani’s spoakesperson and legal view

The fraud declared by the bank is based on the report of the forensic audit and its findings. Anil Ambani’s spokesperson has linked this action to cases more than 12 years old. He said that ambani has denied all the allegations and lawsuits and he will take Necessary steps after taking legal advice. Anil Ambani served as a non-executive director on the board of RCom from 2006 to 2019.