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Bank of India tags RCom account fraud, names Anil Ambani
Business Standard
|August 25, 2025
After State Bank of India (SBI), Bank of India (BOI) has classified the loan account of insolvent Reliance Communications (RCom) as fraudulent and named its former director, Anil Ambani, citing alleged fund diversion in 2016, according to a regulatory filing.
Bank of India granted a ₹700-crore loan in August 2016 to RCom for its ongoing capital and operational expenditure and repayment of existing liabilities.
Half of the sanctioned amount disbursed in October 2016 was invested in a fixed deposit, which was not permitted as per the sanction letter, according to the bank's letter that RCom disclosed in a stock exchange filing.
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