Anil Ambani's RCom Declared Fraud by SBI, Bank of India; CBI Probe Looms
Following in the footsteps of the State Bank of India, Bank of India has officially classified the loan account of the now-insolvent Reliance Communications (RCom) as fraudulent. This classification also extends to its former director, tycoon Anil Ambani, and other erstwhile directors, citing allegations of fund diversion dating back to 2016. This decision by Bank of India comes after an initial loan of ₹700 crore was granted to RCom in August 2016 for capital and operational expenditure, as well as repayment of existing liabilities. A significant portion of this sanctioned amount, specifically half, was reportedly invested in a fixed deposit in October 2016, a practice explicitly prohibited by the sanction letter, according to a letter from the bank disclosed by RCom.
RCom confirmed on August 22 that it received a letter dated August 8 from Bank of India, stating the bank's decision
You may also like...
A Return That Isn’t Simple: Burkina Faso’s Diaspora Outreach Exposes Africa’s Deepest Identity
Africa is dealing with an identity crisis that spans oceans. The continent is trying to define itself politically and cu...
Fela Kuti Exhibition Opens in Lagos
Lagos honors its legendary son as the Fela Kuti exhibition opens, celebrating his music, activism, and global influence....
Friday at last: The moment we all pause, breathe and recharge
Friday brings a moment of relief after a busy week, a chance to recharge, connect with loved ones, and enjoy the simple ...
Why Graduates Are Not Getting Employed
Why are African graduates not getting employed? Explore the youth unemployment crisis and see what the real issue is ran...
Flipping the Switch: How Mitchell Elegbe Changed African Finance Forever
Meet Mitchell Elegbe, the man who flipped Africa’s financial system, turned ATMs into opportunity, and built a $1 billio...
Boxing Drama Erupts: Eubank Jr. & Benn Fathers Clash, Demons Surface for Rematch
The highly anticipated boxing rematch between Conor Benn and Chris Eubank Jr. is set amidst a backdrop of personal strug...
Iconic Reunion: Nicolas Cage and John Woo Team Up 28 Years After 'Face/Off' for New Thriller
John Woo and Nicolas Cage are reuniting for <em>Gambino</em>, a new crime biopic about mob boss Carlo Gambino, with Cage...
Latin Grammys 2025 Unleashes Star Power: CA7RIEL & Paco Amoroso's Glamour Meets Raphael's Thrills!
The 2025 Latin Grammy Awards celebrated top artists like Raphael, honored as Person of the Year, and showcased vibrant p...
