Mumbai, Sept. 5 -- The Bank of Baroda (BoB) has become the latest lender to classify the loan account of insolvent Reliance Communications (RCom) and its former director, Anil Ambani, as "fraudulent", citing alleged misutilisation of loans granted more than a decade ago, according to a regulatory filing to the stock exchange today.
BoB is the third lender to classify RCom's account as "fraud". Earlier, the State Bank of India (SBI) and the Bank of India (BoI) too had classified RCom's loan accounts as "fraud".
RCom said that it has received a letter from BoB dated September 2 conveying its decision to classify the loan account of the company and promoter Anil Ambani as "fraud" and that it is seeking legal advice regarding BoB's action.
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