Prior to this, the State Bank of India (SBI) and the Bank of India (BOI) reclassified the loan accounts of Anil Ambani’s bankrupt telecom firm RCom as “fraud”. SBI accused the company of diverting over ₹31,500 crore whereas BOI alleged that ₹725 crore, which the firm was supposed to use for spectrum payments, was transferred to fixed deposits.
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