A PIL filed by former government secretary EAS Sarma urges the Supreme Court to monitor a full investigation into alleged Rs 31,580 crore bank fraud by RCOM and Anil Ambani. The plea alleges large-scale fund diversion, fake accounts, shell companies and institutional complicity.
MUMBAI: Today, 28th Feb,The Bombay High Court expressed serious concerns over how banks declare loan accounts as ‘fraud’ or ‘defaulter’ without properly applying their minds. The court highlighted that banks often pass such orders in a “cut, copy, paste manner” without following due procedures. The court suggested that the Reserve Bank of India (RBI) must step in and take action to ensure such lapses do not continue.
Bombay: The Bombay High Court asked the Reserve Bank of India (RBI) whether it plans to take action against banks that repeatedly classify a person’s loan account as fraudulent without first giving them a chance to explain their side. The court’s direction came while hearing a petition filed by industrialist Anil Ambani, whose loan account with Canara Bank was declared fraudulent without any hearing.
The Securities Appellate Tribunal (SAT) has conditionally stayed a Rs. 25 crore fine on businessman Anil Ambani, linked to alleged fraudulent activities involving Reliance Home Finance. The SAT ordered Ambani to pay 50 percent of the penalty within four weeks, while SEBI must file a reply to the appeal within the same timeframe.
Sebi has imposed a 5-year ban and Rs 25 crore fine on Anil Ambani and 24 others, including former officials of Reliance Home Finance Ltd, for fund diversion. The scheme involved fraudulent loans to entities connected to Ambani, resulting in significant losses for over 900,000 shareholders. The entities involved have also been fined by Sebi.