HUGE blow to Anil Ambani as SBI classifies him, RCom, as 'fraud'; to file complaint with...

In a major blow to Anil Ambani, Reliance Group chairman, State Bank of India (SBI) has classified Reliance Communications (RCom) and him as 'fraud'. The state-owned bank is also in the process of lodging a complaint with CBI, Parliament was informed on Monday. The entities were classified as fraud on June 13, 2025 in accordance with the RBI's Master Directions on Fraud Risk Management and Bank's Board-approved Policy on Classification, Reporting & Management of Frauds, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha.

SBI reports classification of fraud to RBI

"On June 24, 2025, the bank reported classification of fraud to RBI, and is also in the process of lodging a complaint with CBI," he said. Further, on July 1, 2025, as part of disclosure compliance, a resolution professional of RCom informed the Bombay Stock Exchange regarding fraud classification by the bank. The credit exposure of SBI in RCom includes fund-based principal outstanding amount of Rs 2,227.64 crore along with the accrued interest and expenses with effect from August 26, 2016 and non-fund-based Bank Guarantee of Rs 786.52 crore, he said.

Canara Bank withdraws fraud tag on Anil Ambani's loan account

Recently, Canara Bank informed the Bombay High Court that it has withdrawn its earlier order classifying industrialist Anil Ambani's loan account as fraudulent, while seeking liberty to re-examine the issue in the future.

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RCom under Corporate Insolvency Resolution Process

RCom is undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. The resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020, and NCLT approval is awaited. The bank has also initiated Personal Insolvency Resolution Process under IBC against Anil D Ambani and the same is being heard by NCLT, Mumbai, he said.

The bank had earlier classified the account and promoter Anil D Ambani as 'fraud' on November 10, 2020 and filed a complaint with the CBI on January 5, 2021. However, he said, the complaint was returned in view of the 'status quo' order dated January 6, 2021 by the High Court, Delhi.

(With inputs from PTI)