Anil Ambani, 2 companies' a/cs are fraud: BoI

MUMBAI: Bank of India has classified loan accounts of Reliance Communications (Rcom), its unit Reliance Telecom (RTL), and directors, including Anil Ambani, as fraud following a forensic audit. The review by BDO India for April 2013-March 2017 pointed to diversion and misappropriation of funds, and the bank said the transactions showed "suspected fraudulent connotations.

"The bank said the directors, who were whole-time members of the board during the period, failed to prove that the transactions occurred without their knowledge or consent. Alongside Ambani, Manjari Ashok Kacker of Rcomm and Grace Thomas, Satheesh Seth, Gautam Bhailal Doshi, Dagdulal Kasturchand Jain, and Prakash Shenoy of RTL were also classified as fraud.Audit showed a Rs 700 crore loan to Rcom for capital and operational expenditure and repayment of liabilities was partly diverted.