Canara Bank classifies Reliance Communications' account as 'fraud'

Anil Ambani's Reliance Communications' loan account has been classified as "fraud" by Canara Bank over alleged misuse of funds. The company received loans worth ₹1,050 crore from the bank but defaulted on repayments and breached the terms of the sanction, Canara Bank said in a notice. The telecom firm is currently undergoing insolvency proceedings.