Reliance Communications, Reliance Infratel, and Reliance Telecom owe lenders ₹86,188 crore.
This is ten times more than the debt garnered by former billionaires Vijay Mallya and Nirav Modi.
India’s infamous fallen billionaire, Anil Ambani, may have claimed that his ‘net worth is zero’ but Indian banks aren’t buying it.
In the midst of Reliance Communications’ bankruptcy resolution process, three Indian banks — the State Bank of India (SBI), Union Bank of India (UBI) and the Indian Overseas Bank (IOB) — are classifying the company’s accounts and the accounts of its units as fraudulent.
Sources told the Economic Times that the three banks, which includes India’s largest lender, are looking to launch a deeper probe into the transactions from the account of three Anil Ambani-led Reliance Group entities — Reliance Communications, Reliance Infratel and Reliance Telecom.
However, the Delhi High Court has directed Union Bank of India and Indian Overseas Bank to maintain the status quo in a matter pertaining to the classification of accounts as fraudulent until the next hearing on January 13.
SBI and the Reliance Anil Dhirubhai Ambani Group declined to comment on the issue.
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