Mumbai Police are probing allegations that Reliance Home Finance diverted bank funds after securing loans using misleading financial documents, according to a complaint filed by Axis Bank.
According to sources, Jhunjhunwala and Seth, who have overseen financial operations of the Reliance ADA Group, appeared at the ED headquarters in New Delhi for questioning.
Businessman Anil Ambani on Tuesday appeared before the Directorate of Enforcement (ED) in connection with a money laundering case related to an alleged bank loan fraud, sources said.
A deputy manager in an SBI branch is accused of sanctioning a loan against ineligible persons without the knowledge of the borrowers.
After tumbling to 6.73 per cent to Rs 34.60 on the BSE, lender’s shares were trading at Rs 35.05, down by 5.53 per cent at 1.45 pm.
Calling for a proactive approach to reporting of loan frauds, Reserve Bank Deputy Governor S S Mundra has said up…
