Canara Bank has accused Reliance Communications, Anil Ambani’s bankrupt telecom company, of fraudulently misappropriating a Rs 1,050 crore loan. The bank alleges the funds, intended for capital expenditure and debt repayment, were misused. Reliance Communications, currently undergoing insolvency proceedings, denies any wrongdoing.
Canara Bank labels loan accounts of Reliance Communications as “fraud”
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