T

he Delhi High Court was informed by the State Bank of India (SBI) that three bank accounts of Anil Ambani’s Reliance Group which includes Reliance Communication, Reliance Telecom and Reliance Infratel as a fraudulent company’s bank account. This could  now lead Anil Ambani into serious trouble as the bank can seek a banking fraud investigation by the Central Bureau of Investigation (CBI). A status quo has been asked to be maintained on all the accounts of Ambani by the High Court.

Only after a bank account turns into a non profitable asset (NPA) the bank account is declared as a fraudulent account. The SBI reported that during the process of audit, misappropriation, diversion, siphoning of funds came in notice and after this the accounts were labeled as fraud. Going by the rules of the banking sector in the county, once any bank declares any account a fraud  the Reserve bank of India (RBI) within seven days has to be informed and within 30 days a complaint has to be filed with the CBI if the amount exceeds 1 crore rupees.

Anil Ambani owes an amount of over 49,000 crore to the bank out of it Reliance Infratel has a debt of 12,000 crore rupees and Reliance Telecom owes 24,000 crore rupees.