Reliance Communications Ltd

🏦 Canara Bank Classifies RCOM & Reliance Telecom Accounts as Fraud

• Canara Bank classified RCOM and RTL accounts as fraud on February 27, 2026

• Decision based on forensic audit by BDO India LLP revealing fund diversion to connected parties

• RCOM and RTL have been under corporate insolvency resolution process (CIRP) since 2019

• RCOM's sanctioned facilities totaled approximately ₹1,790 crores

• RTL's facilities were ₹10,000 lakhs (₹100 crores)

• Audit findings include potential fund siphoning through entities like Netizen Engineering

• Bank cited precedent from Rolta India case allowing fraud classification during CIRP