Anil Ambani

Investigative portal Cobrapost has alleged that companies within the Anil Ambani-led Reliance ADA Group were involved in large-scale fund diversion through complex offshore transactions and shell entities. The report claims that the conglomerate used a network of intermediaries to channel money abroad, potentially violating foreign exchange and corporate governance laws.

In a significant development within India’s banking sector, Bank of India (BoI) has officially categorized Reliance Communications Ltd. (RCom) and its chairman Anil Ambani as “fraud” accounts. The decision follows years of financial turmoil surrounding the telecom operator, once a major player in India’s mobile services industry. By taking this step, BoI joins other lenders that have intensified scrutiny over high-profile defaults.

The Central Bureau of Investigation (CBI) has filed a case against Anil Ambani and his telecom firm, Reliance Communications (RCom), in connection with a massive bank fraud. The charges stem from allegations of misrepresentation, diversion of funds, and default on loans taken from a consortium of Indian banks. Once a telecom giant, RCom has been struggling with insolvency and mounting debt, and this probe adds another layer of complexity to its long-running financial troubles.

Reliance Group Chairman Anil Ambani recently recorded his statement before the Enforcement Directorate (ED) in connection with an ongoing investigation under the Foreign Exchange Management Act (FEMA). The development marks a critical step in the agency’s probe into alleged irregularities involving foreign transactions. While specific case details remain undisclosed, the appearance of a high-profile industrialist signals the government’s intensifying scrutiny of cross-border financial dealings.

In a significant development that underscores the cautious recalibration of banking practices, Canara Bank has withdrawn its earlier classification of industrialist Anil Ambani’s loan account as ‘fraudulent.’ The move, formally communicated to the Bombay High Court, comes as the lender seeks to reverse a decision that could have had profound legal and reputational implications.