Prime Minister Narendra Modi informed the Parliament about the Anil Ambani fraud case. Banks that lent money to his company Reliance Telecom Limited have flagged him as a fraud account holder.
State Bank of India declared Anil Ambani as fraud for dues of Rs 2227.64 crore since 2016. Soon after, Bank of India also marked him as fraud. Following this, the CBI conducted raids at his house and offices in search of evidence related to money laundering.
Despite these allegations, Anil Ambani denied them and stated that he will defend himself. Once a borrower is flagged as fraud by a bank, the case goes to enforcement agencies and the borrower is barred from taking fresh loans for five years.
SBI has withdrawn cases against five non-executive directors of his companies but singled out Anil Ambani. This development indicates that no one is above law in India.
Earlier in April, Reliance Communications revealed loans worth Rs 40,400 crore. The company was admitted into insolvency and bankruptcy proceedings after failing to repay debts.
