Mumbai: The State Bank of India (SBI), the Union Bank of India (UBI) and the Indian Overseas Bank (IOB) have marked Reliance Communication Ltd (RCOM) account as fraud, according to banking sources.

In addition to that, the SBI and the UBI have also marked Reliance Telecom Ltd (RTL) account as fraud. RTL is a 100 per cent subsidiary of RCOM.

Another RCOM subsidiary, Reliance Infratel Ltd’s account has also been marked as fraud by the SBI.

Both the companies are owned by Anil Ambani, younger brother of Mukesh Ambani, the richest person in the country and 4th richest in the world.

(Courtesy: Economic Times)