Reliance Group says allegations of fraud ‘unjustified’ and ‘unwarranted’

Reliance Group has said that certain banks labelling the accounts of the now defunct telecom firm – Reliance Communications (Rcom) – and its units as fraud was “unjustified” and “unwarranted”. It also refuted reports on social media that RCom and its units owe lenders Rs 86,188 crore, saying they owe around Rs26,000 crore to Indian banks and financial institutions as on the date of filing before the dedicated bankruptcy court.

“The alleged ‘fraud’ classification by certain banks is entirely unjustified and unwarranted, and the …Delhi High Court by an interim order has directed the same to be kept in abeyance for the time being, and the matter is now sub judice,” the Reliance Group said in a statement Wednesday.