Industrialist Anil Ambani was getting good news from all sides. His companies were signing deals after deals. Shares of Reliance Power and Reliance Infra are rocketing. They are getting orders not only from the country but also from abroad. Amidst all this happiness, Anil Ambani has got a big shock. The country’s largest bank SBI has given a big shock to Anil Ambani and declared his loan account as fraud. Anil Ambani’s company Reliance Communication’s loan account has been declared ‘fraud’. Not only this, it has decided to send the name of Anil Ambani and his company to the Reserve Bank.
What Is the Full Matter Behind Anil Ambani’s Loan Fraud Case?
Actually this matter is of the year 2016. Anil Ambani’s company Reliance Communication is going through heavy debt and bankruptcy. The company has a huge loan, which it has taken from the State Bank of India.
There are allegations of violation of terms and ignoring the rules in this loan account. SBI wrote a loan to the company in this regard.
After not getting a satisfactory reply to the letter, now it has been decided to declare the account of Reliance Communication as fraud. However, this is not the first time that their loan account has been declared fraud.
Earlier in the year 2024, Canara Bank had also declared their account as fraud. However, the Bombay High Court had stayed the action of Canara Bank.
SBI’s Complaint to RBI: What Happens Next?
SBI has decided to send the name of the company and the company’s director Anil Ambani to the RBI. SBI said that all this has not happened suddenly. It gave enough time to the bank.
Show cause notices were sent to the company in December 2023, March 2024 and then in September 2024, but their reply was not satisfactory. The company failed to explain why it violated the terms of the loan? It failed to answer its questions about the irregularities found in the company’s account. After that, now it has been decided to declare their loan account as fraud.
Let us tell you that Reliance Communications is a part of the Anil Ambani-led Reliance Group, but the company has been facing financial risks for a long time. It has been in the corporate insolvency resolution process since 2019.
