Mumbai: The Bank of Maharashtra has joined three other lenders in labeling Reliance Communications’ ₹488 crore loan as fraudulent, deepening the telecom company’s troubles even as it awaits approval of its insolvency resolution plan.
A Fourth Fraud Tag on a Collapsing Empire
Reliance Communications Ltd. (RCOM), once a crown jewel of India’s telecom sector, now finds itself further entangled in financial distress. The Bank of Maharashtra, in a regulatory filing made public on Saturday, declared the company’s loan account as “fraud,” making it the fourth lender—after the State Bank of India, Bank of Baroda, and Bank of India—to take such a step.
The bank cited an outstanding exposure of ₹488 crore and pointed to…