Op risk data: Shady loans robbing Reliance of $1.1bn
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The largest operational risk loss for August is a 93 billion rupee ($1.1 billion) internal fraud at Indian company Reliance Home Finance. Senior executives at the firm, including the chairman of Reliance Group, Anil Ambani, perpetrated an “elaborate and nefarious scheme” to extend a series of loans to 45 companies, most of which were financially unsound, according to a report by India’s securities regulator.
The borrowers subsequently defaulted on the loan repayments after distributing the funds
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