Anil Ambani Group company Reliance Communications (RCOM) has informed the exchanges that IDBI Bank has declared the company’s loan account as “fraud”.
In a letter dated October 29, IDBI Bank said it had reported the matter to the Reserve Bank of India (RBI) and and other actions will be initiated including including submission a complaint to law enforcement agencies of the Government of India against Reliance Communications.
RCOM under insolvency process
Reliance Communications has been under insolvency since June 2019 after defaulting on its debt obligations. Its affairs, business, and assets are currently managed by resolution professional Anish Niranjan Nanavaty, appointed by the NCLT, Mumbai.
Recently, the Enforcement Directorate has provisionally attached assets worth Rs 3,084 crore linked to Reliance Group Chairman Anil Ambani in a money laundering investigation involving Reliance Home Finance and Reliance Commercial Finance. the attached properties, includes the 66-year-old Ambani’s house in Pali Hill, Mumbai, A plot of land belonging to Reliance Centre on Maharaja Ranjit Singh Marg in Delhi and multiple other assets in the national capital, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai and East Godavari have also been attached.
