RCOM bank loan fraud case: SC directs ED to form SIT
A Bench of Chief Justice Surya Kant, Justice Joymalya Bagchi and Justice Vipul M. Pancholi said the seriousness of the allegations warranted a senior-level probe by the ED.
A Bench of Chief Justice Surya Kant, Justice Joymalya Bagchi and Justice Vipul M. Pancholi said the seriousness of the allegations warranted a senior-level probe by the ED.
A group spokesperson stated that the attached assets belong to RCOM, which has not been part of the Reliance Group since 2019.
Reliance Infrastructure stated that the notice came eight months after the dispute in relation to the company's exposure with CLE Pvt Ltd was settled through mediation conducted by a retired Supreme Court judge in the Bombay High Court.
It may be recalled that the Enforcement Directorate (ED) registered a fresh case against RCom for an alleged Rs 2,929 crore loan fraud with the State Bank of India (SBI).
BoB is the third lender to classify RCom's account as fraud. Earlier, the State Bank of India (SBI) and the Bank of India (BoI) too had classified RCom's loan accounts as "fraud".
The leading public sector bank said that it will report the fraud classification to various authorities as required by law, including the Reserve Bank of India (RBI).
As per the statement released by company’s spokesperson, the action by Bank of India to classify the loan account of Reliance Communications Limited (RCom) along with Anil Ambani, pertains to matters dating back more than 10 years, as per disclosures and records available in the public domain.
The raids were conducted as part of investigations into a case which involves an alleged fraud which resulted in a loss of Rs 2,000 crore to the State Bank of India (SBI).
The State Bank of India (SBI) has classified Reliance Communications (RCom) and its promoter-director Anil D. Ambani as ‘fraud’, and is in the process of lodging a complaint with the Central Bureau of Investigation (CBI), Parliament was informed on Monday.
The State Bank of India (SBI) has officially classified Reliance Communications’ (RCom) loan account as “fraud,” in a significant development concerning the Anil Ambani-led telecom company currently under insolvency.
