Three Anil Ambani Companies Accused Of Fraud By Banks.

Banks Accuses 3 companies by Anil Ambani of conducting frauds.

The process of bankruptcy resolution continues for ‘Reliance Communications’ a company owned by India’s infamous billionaire Anil Ambani who claims that ‘his net worth is zero’ but Indian banks don’t believe in it. The banks like State Bank of India (SBI), Union Bank of India (UBI) and the Indian Overseas Bank (IOB) are classifying the accounts of the companies owned by Anil Ambani and the accounts of the units are found to be fraudulent.

The three banks that includes India’s largest lender are looking forward to commence a deeper investigation into the transactions from the accounts of three Reliance Group entities- Reliance Communications, Reliance Infratel and Reliance Telecom all led by Anil Ambani, according to a source of a prominent news agency. Among the three banks the Delhi High Court has instructed the Union Bank of India and Indian Overseas Bank to preserve the status quo in a matter referring to the classification of the account as fraudulent until the next date of hearing scheduled for January 13. The Reliance Anil Dhirubhai Ambani Group and the State bank of India refused to comment on the issue.

According to the company’s official website, it owes an amount of 49,193 crore in dues and with the accusation of fraud the Reliance Communications resolution plans is now under risk. Adding to that Reliance Telecom owes an amount of 24,306.27 crore and Reliance Infratel owes an amount of 12687.65 crore rupees to be paid. Excluding the spectrum due of 28,837 crore the company cumulatively has 86,118 crore rupees in due.

The debt of Reliance Communications is ten times higher than other billionaires like Vijay Mallya with a debt amounting 9000 crore to the Indian banks and Nirav Modi who owes 7,409.07 crore rupees.

The reclassification of affiliated companies of Reliance Communication comes at the time when the bankruptcy resolution was finally moving. The National Company Law Tribunal (NCLT) on December 5 gave its approval to its resolution plan after negotiating for 11 months. Currently the UV Asset Reconstruction Company will take up the Reliance Communication and Reliance Telecom Infrastructure companies .