Reliance Communications Ltd

⚠️ Punjab National Bank Declares Reliance Telecom Loan Account as Fraud

- Punjab National Bank declared Reliance Telecom Limited's loan account as fraud

- Based on forensic audit report and letter dated April 28, 2026

- Involves former directors: Smt. Grace Thomas, Sh. Satyendra Mohanlal Sarupria, Sh. Oagdulal Kasturchand Jain, Sh. Gautam Bhailal Doshi, Sh. Sateesh Seth, and Sh. Prakash Shenoy

- Fraud amount: ₹201.51 crores

- ₹221.93 crores transferred to Reliance Communications Limited

- Forensic audit found fictitious debtors and round-tripping of funds

- 97% of transactions were with non-consortium banks

- Some directors contest allegations, citing lack of involvement in financial decisions

- RTL and RCOM are undergoing Corporate Insolvency Resolution Process

- PNB will report fraud to RBI as per regulatory requirements