By Admin 
Anil ambani: After the State Bank of India (SBI), now the Bank of India (BOI) has also termed the loan account of the debt -ridden company Reliance Communications (RCOM) as fraud and has also named former director of the company Anil Ambani in 2016 citing alleged funds diversion. Its information has been given in regulatory filing. Earlier this year, in June this year, State Bank of India also took a similar step. SBI accused RCom of violating the conditions of taking loans and rigging money.
What did the company do for the loan from BOI?
In the information given to the stock market, RCom said, the company received a letter from Bank of India on August 22, in which the company’s promoter and former director Anil Dhirlal Ambani and another director of the company Manjari Ashok Kakkar were informed to classify the loan account as a fraud.
In August 2016, Bank of India approved a loan of Rs 700 crore for RCom to run the company and pay earlier loans. However, in its letter issued by RCom, the bank said that half of these money received as loans was invested in fixed deposits, which is a violation of the terms of loan approval.
Anil Ambani came under the scanner of CBI investigation
Following the complaint of SBI, the Central Bureau of Investigation (CBI) on Saturday searched the premises associated with RCom and Ambani’s residence. According to the PTI report, the State Bank of India has claimed a loss of Rs 2,929.05 crore due to Reliance Communications and Anil Ambani’s alleged rigging and on the basis of this, the CBI has registered an FIR against RCom and Ambani.
Giving clarification on this whole incident, a spokesman on behalf of Anil Ambani said that “all the allegations against him are baseless and he will completely defend himself.” On the SBI complaint, the spokesperson said that the matter is more than ten years old. At that time, Anil Ambani was the non-executive director of the company and he had no role in the management of the company.
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