Anil Ambani Group company Reliance Communications (RCOM) has informed the exchanges that IDBI Bank has declared the company’s loan account as “fraud”.

In a letter dated October 29, IDBI Bank said it had reported the matter to the Reserve Bank of India (RBI) and and other actions will be initiated including including submission a complaint to law enforcement agencies of the Government of India against Reliance Communications.

RCOM under insolvency process

Reliance Communications has been under insolvency since June 2019 after defaulting on its debt obligations. Its affairs, business, and assets are currently managed by resolution professional Anish Niranjan Nanavaty, appointed by the NCLT, Mumbai.

Recently, the Enforcement Directorate has provisionally attached assets worth Rs 3

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