Bank loan fraud: Lucknow PMLA court sentences three convicts to 3-year jail

SBI Calls Rs. 31,580 Cr RCom Loan Fraud, Names Anil Ambani

State Bank of India Declares Reliance Communications’ Rs. 31,580 Crore Loan as Fraud, Implicates Anil Ambani in Fund Diversion Scandal In a significant development in India’s corporate and financial landscape, the State Bank of India (SBI), the country’s largest public-sector bank, has classified the loan account of Reliance Communications (RCom), a telecommunications company owned by businessman Anil Ambani, as fraudulent. The decision, formali…

Bank loan fraud: Lucknow PMLA court sentences three convicts to 3-year jail

Lucknow, July 3, 2025 A Special PMLA court has sentenced three men, including the son of a former Allahabad Bank manager, to three years’ imprisonment in connection with defrauding the bank of Rs 3.20 crore through disbursal of loans against fake documents. Special Judge Rahul Prakash also ordered the confiscation of two properties – valued at Rs 14.76 lakh and Rs 1.65 lakh – in favour of the Central government as a penalty and slapped a fine of…