States » WestPosted at: Jul 10 2025 6:41PM


Canara Bank drops fraud charge against Anil Ambani's Rs 1,050-Crore loan account

Mumbai, July 10 (UNI) PSU lender Canara Bank today informed the Bombay High Court that it has withdrawn its classification of industrialist Anil Ambani's Rs 1,050 crore loan account as "fraudulent".
It may be recalled that in June, the State Bank of India (SBI) also had classified the loan account of the Anil Ambani-led Reliance Communications as "fraudulent".
Canara Bank's latest move comes after the Anil Ambani-led Reliance Communications, along with its unit, was initially labelled "fraudulent" due to allegations of misappropriating a Rs 1,050 crore loan. It was alleged by Canara Bank that the funds, originally sanctioned in 2017 for capital expenditure and debt repayment, were misused, resulting in the November 2024 "fraudulent" classification.
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