Canara Bank labels loan accounts of Reliance Communications as "fraud"

2 hours ago 1

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.

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