BANKLOOT
Moneylife Digital Team 29 October 2025
Industrialist Anil Ambani has withdrawn his petition before the Bombay High Court challenging the ongoing fraud proceedings initiated by IDBI Bank in relation to a Rs750-crore loan granted to the now-insolvent Reliance Communications Ltd (RCom).

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Moneylife Digital Team 05 September 2025
In a major development, Bank of Baroda (BoB) has classified the loan accounts of Reliance Communications Ltd (RCom) and its former director Anil Dhirajlal Ambani as ‘fraud’, making it the third state-run lender to take such action against the debt-laden telecom company and its promoter.

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Moneylife Digital Team 05 September 2025
The directorate of enforcement (ED) has launched a major probe into Arvind Remedies Ltd and the company promoter, Arvind B Shah, following allegations of a massive bank fraud amounting to Rs637 crore.

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Moneylife Digital Team 29 August 2025
Days after State Bank of India (SBI) classified Reliance Communications Ltd’s (RCom) loan accounts as fraudulent, another state-run lender Bank of India (BoI) has also flagged loans of the debt-ridden telecom company, its promoter Anil Ambani, and associated entities as fraud. In a disclosure to stock exchanges, RCom says last week it had received a letter from BoI informing the company that the Bank had decided to treat its loan account as fraudulent along with those of Ambani and former director Manjari Ashok Kacker.

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Moneylife Digital Team 12 August 2025
Public sector banks (PSBs) are grappling with loans worth Rs1.76 lakh crore owed by more than 2,100 wilful defaulters as of 30 June 2025, while during the past five years, PSBs have written off over Rs10 lakh crore in loans across categories

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Moneylife Digital Team 12 August 2025
The directorate of enforcement (ED) has filed a supplementary prosecution complaint before the Special PMLA (Prevention of Money Laundering Act) Court in New Delhi in connection with an alleged Rs34,000-crore bank fraud involving the Amtek group of companies

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After a decade of studious indifference to financial recklessness, defaults and allegations of financial jugglery, the Anil Ambani group is finally in the enforcement directorate's (ED) crosshairs. Early August saw the ED summon top officials, including Amitabh Jhunjhunwala and Satish Seth, in a money laundering investigation linked to a Rs17,000-crore bank loan fraud involving Reliance Communications (RCom), Reliance Commercial Finance Ltd (RCFL), and Reliance Home Finance Ltd (RHFL).

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Bank of Maharashtra (BoM) has technically written off a staggering Rs11,313.34 crore in loans from accounts with outstanding dues of Rs100 crore and above between financial years (FY)16–17 and FY24–25. Despite these massive write-offs, the bank has managed to recover only Rs2,652.70 crore as of 31 March 2025—just about 23% of the technically written-off amount of Rs11,313.34 crore.

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Moneylife Digital Team 25 July 2025
India’s 12 public sector banks (PSBs) have written off a staggering Rs12.08 lakh crore in bad loans between financial year (FY)15–16 and FY24–25, according to a statement tabled in the Rajya Sabha.

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Moneylife Digital Team 22 July 2025
The Union government confirmed in Parliament that State Bank of India (SBI) has officially classified the loan account of Reliance Communications Ltd (RCom) as 'fraud' and has reported the name of the company's former director Anil Dhirubhai Ambani to Reserve Bank of India (RBI), following due regulatory process.

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Over the years, public sector banks (PSBs) appear to show little or no real interest in recovering bad loans that have been written off, especially those involving large defaulters. Instead, their focus seems to be on cleaning up their balance sheets and showing lower non-performing assets (NPAs) by writing off such loans.

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Moneylife Digital Team 01 July 2025
Diamond merchant Mehul Choksi, a key accused in the Rs13,500 crore Punjab National Bank (PNB) fraud case, has moved the special PMLA court here seeking dismissal of the directorate of enforcement’s (ED) application for declaring him a fugitive economic offender (FEO), says a report from Economic Times (ET)

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Moneylife Digital Team 23 May 2025
The Kolkata zonal office of the directorate of enforcement (ED) has arrested Subodh Kumar Goel, former chairman and managing director (CMD) of UCO Bank, in connection with a multi-crore bank fraud case linked to Concast Steel & Power Ltd (CSPL).

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Moneylife Digital Team 16 May 2025
Fugitive diamond merchant Nirav Modi's troubles have deepened once again, as a UK court on Thursday rejected his fresh bail petition. Mr Modi has been in a London prison for nearly six years after losing his extradition battle to face fraud and money laundering charges in India.

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Just under a year ago I reported (Moneylife Exclusive: Serial Fraudster Dinesh Dalmia Strikes Again: Dupes Lenders of Nearly Rs200 Crore) that Dinesh Dalmia, serial fraudster and founder of the now-defunct DSQ Software group had resurfaced under a new guise.

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Moneylife Digital Team 14 April 2025
Fugitive diamantaire Mehul Choksi has been arrested in Belgium in Rs13,500 crore Punjab National Bank (PNB) fraud case.

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Moneylife Digital Team 27 March 2025
The Gurugram zonal office of the directorate of enforcement (ED) has provisionally attached assets worth Rs557.49 crore in connection with the Amtek Auto group’s Rs27,000 crore bank fraud case. The latest action follows an earlier attachment of Rs5,115.31 crore, confirmed by the PMLA Adjudicating Authority.

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Moneylife Digital Team 21 March 2025
In a startling revelation, the Union government disclosed that scheduled commercial banks (SCBs) in the country have written off bad loans (non-performing assets (NPAs) worth a staggering Rs16.35 lakh crore worth of over the past decade. This information was presented in the Lok Sabha by finance minister (FM) Nirmala Sitharaman in response to a question raised by member of Parliament (MP) Amra Ram.

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Moneylife Digital Team 16 January 2025
The Ahmedabad zonal office of the directorate of enforcement (ED) has frozen 37 bank accounts with a balance of Rs33.67 crore and seized two high-end Mercedees-make luxury cars in the bank fraud case against Electrotherm India Ltd and others.

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During the past five financial years, banks wrote off bad loans worth Rs9.90 lakh crore but managed to recover just over 18% or Rs1.85 lakh crore. Yet, public sector banks (PSBs), which fall under the Right to Information (RTI) Act, refuse to share the names of big defaulters whose loans were settled through the national company law tribunal (NCLT), where these lenders have to accept a haircut on the outstanding.

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