Canara Bank labels loan accounts of Anil Ambani’s Reliance Communications as “fraud”: After availing and enjoying the said loans, your company …
Canara Bank has accused Reliance Communications, Anil Ambani’s bankrupt telecom company, of fraudulently misappropriating a Rs 1,050 crore loan. The bank alleges the funds, intended for capital expenditure and debt repayment, were misused. Reliance Communications, currently undergoing insolvency proceedings, denies any wrongdoing.