Anil Ambani Companies Hold Fraudulent Indian Bank Accounts

Last updated on January 5th, 2021 at 05:56 am

Anil Ambani Companies: Three companies owned by Anil Ambani led Reliance Group have been flagged for being fraudulent by well-known Indian banks, including State Bank of India. 

Apparently, Reliance Communications, Reliance Infratel, and Reliance Telecom owes lenders as much as a whopping ₹86,188 crore. Anil Ambani has been claiming that his net worth is zero. Now it seems, he owes people a lot of money. 

Three nationalized banks namely, the State Bank of India (SBI), Union Bank of India and the Indian Overseas Bank (IOB) have claimed that the bank accounts held by the Anil Ambani held Reliance Group are fake and fraudulent. 

It has been ascertained that indeed Reliance Communications owes much more money that Nirav Modi or Vijay Mallaya had ever to the various Indian entities. While the next court hearing in scheduled for January 13, this accusation of fraud puts Reliance Communications’ resolution plan at risk. According to the company’s official website, it owes ₹49,193 crore in dues.

A petition was filed with the Delhi High Court, where the court has asked the banks to maintain a status quo over their declaration of various Reliance held accounts as fraudulent. 

The latest move by the banks comes couple of weeks after the NCLT Mumbai gave an approval to the Reliance Infratel’s Resolution Plan, in the first week of December. Anil Ambani held Reliance portfolio has been pulled into many court hearings. He has already declared himself zero net worth, something that is being scrutinized and debated heavily. He already owes money to Chinese banks. In May, he made a public statement where he admitted that as Reliance Group Chairman, he was unable to pay dues worth $680 million (over Rs. 4,860 crore) in defaulted loans to three Chinese banks, saying he did not hold “meaningful assets” that can be liquidated and his net worth is “zero”.