Mumbai, Aug. 25 -- After the State Bank of India (SBI) declared the Anil Ambani-led Reliance Communications' (RCom) loan accounts as 'fraud', the Bank of India (BOI) has also classified the loan accounts of RCom, Reliance Telecom and its directors, including the loan accounts Anil Ambani, as 'fraud', according to a stock exchange filing by BOI.
The decision to classify the loan accounts as 'fraud' came after a forensic audit to track the money transaction trail was undertaken by BDO India on behalf of the Bank of India.
The audit by BDO India for April 2013-March 2017 pointed to diversion and misappropriation of funds, from the nature of transactions which showed "suspected fraudulent connotations."The audit showed that a Rs 700-crore loa...