SBI has declared accounts of three firms of the Reliance Group as a fraud. The bank accounts belong to Reliance Communication, Reliance Telecom, and Reliance Infratel. During a recent audit, siphoning off money was apparent in these three bank accounts of Anil Ambani led companies. The declaration has enabled the bank to seek an investigation with the Central Bureau of Investigation.
A bank account being declared fraud means that the bank account is now a Non-Profitable Asset (NPA). SBI informed the court about the audit in which it appeared that the bank accounts carried many irregularities such as misappropriation, siphoning, and diversion of money.
These developments might prove to be dangerous for Anil Ambani and the Reliance group as an extension. As per the rule goes, SBI has to notify the RBI within seven days. If the concerning amount surpasses a crore, SBI should also file a complaint with the CBI so that the investigation can officially start.
According to sources, the total amount of money these three firms owe to the bank is more than a whopping ₹86,188 crores. Reliance communication owes the bank ₹49,193 crores, Reliance Telecom owes ₹24,306 crores, and Reliance Infratel owes the bank ₹12,687 crores. Former Director of Reliance Communications, Punit Garg said concerning the matter, “The declaration of these accounts as fraud is unfair as the judgment was made without listening to both sides of the story.”
