India’s anti-fraud agency said that the Reliance Communications owner had defaulted on over US$4.4 billion worth of bank loans
The agency alleged Ambani had defaulted on over 400 billion rupees (US$4.4 billion) worth of loans from Indian and foreign banks.
The federal agency said the home was transferred into a private family trust in a restructuring designed to “shield it” from Ambani’s personal liabilities, mainly claims tied to guarantees he had given to bankers for company loans.
