Anil Ambani
State Bank of India (SBI) has described Reliance Communications (RCom) and its promoter director Anil Ambani as fraud. On 13 June 2025, according to the Fraud Risk Management Guidelines and bank policy of RBI, classified as ‘fraud’. The bank reported this to RBI on 24 June 2025. Anil Ambani’s trouble may increase further because this matter can also go to the CBI.
Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha that some institutions were marked as fraud on June 13, 2025. This information has been given on the basis of Fraud Risk Management Guidelines of Reserve Bank of India (RBI) and fraud classification, reporting and management policy of the bank.
He said that on June 24, 2025, the bank informed the RBI about fraud classification and has also started a process to file a complaint in CBI. Also, on July 1, 2025, Reliance Communications (RCom) resolution professional told Bombay Stock Exchange about this fraud classification.
Why SBI said fraud
Pankaj Chaudhary said that SBI has a fund-based loan of Rs 2,227.64 crore on RCom, including interest and expenses since August 26, 2016, as well as a non-fund based bank guarantee of Rs 786.52 crore. RCom is currently undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The committee of creditors has approved the resolution plan and has been filed on 6 March 2020 in the National Company Law Tribunal (NCLT), Mumbai, which is awaiting approval.
He also informed that the bank has started a personal insolvency process against Anil Ambani, which is going on in NCLT, Mumbai. Earlier, on November 10, 2020, the bank marked Anil Ambani and his account as ‘fraud’ and filed a complete file in CBI on 5 January 2021. But due to the ‘Status-Co’ order of Delhi High Court on January 6, 2021, this compliment was withdrawn.
Fraud classified rules
On March 27, 2023, in a Supreme Court verdict (State Bank of India vs Rajesh Agarwal), it was necessary that loan banks would have to give the borors a chance to present their case before fraud classifications. Subsequently, the bank removed the fraud classification on September 2, 2023. But according to the RBI Circular of July 15, 2024, after following the correct process, the account was again classified as ‘fraud’.