SBI Labels Reliance Communications and Anil Ambani as ‘Fraudulent’
#News Bureau July 23,2025
Why has the State Bank of India Classified Reliance Communications and its Promoter Anil Ambani as ‘Fraud’? Here’s the Reason Behind the Decision.
India’s largest public sector bank, the State Bank of India (SBI), has officially declared Reliance Communications (RCom) and its owner Anil Ambani as ‘fraudulent.’ The bank has also initiated the process of filing a complaint with the Central Bureau of Investigation (CBI). This information came to light in Parliament on Monday.
Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha that on June 13, 2025, SBI classified Reliance Communications and Anil Ambani under the fraud category. Subsequently, on June 24, 2025, the bank notified the Reserve Bank of India (RBI) about the decision. The bank is now preparing to lodge a formal complaint with the CBI.
SBI has stated that Reliance Communications (RCom) misused the loans it had taken from the bank. The company violated the loan terms by diverting funds from one company to another. For example, a loan of ₹248 crore taken for infrastructure purposes was instead used to repay debts of other companies, which is against the regulations.
How much debt does RCom owe?
According to SBI, Reliance Communications owes the bank ₹2,227.64 crore, including interest. In addition, there is a bank guarantee of ₹786.52 crore.
Previous allegations against RCom
This is not the first time Reliance Communications and Anil Ambani have faced fraud allegations. In 2020, SBI had taken similar action and filed a complaint with the CBI. However, the complaint had to be withdrawn due to a Delhi High Court order. Later, the Supreme Court ruled that companies must be given an opportunity to present their side before being declared fraudulent. Following this, SBI withdrew its previous decision in 2023. But now, under the new guidelines issued by the Reserve Bank of India (RBI), the bank has once again classified the company as fraudulent.
SBI has stated that Reliance Communications (RCom) misused the loans it had taken from the bank. The company violated the loan terms by diverting funds from one company to another. For example, a loan of ₹248 crore taken for infrastructure purposes was instead used to repay debts of other companies, which is against the regulations.
How much debt does RCom owe?
According to SBI, Reliance Communications owes the bank ₹2,227.64 crore, including interest. In addition, there is a bank guarantee of ₹786.52 crore.
Previous allegations against RCom
This is not the first time Reliance Communications and Anil Ambani have faced fraud allegations. In 2020, SBI had taken similar action and filed a complaint with the CBI. However, the complaint had to be withdrawn due to a Delhi High Court order. Later, the Supreme Court ruled that companies must be given an opportunity to present their side before being declared fraudulent. Following this, SBI withdrew its previous decision in 2023. But now, under the new guidelines issued by the Reserve Bank of India (RBI), the bank has once again classified the company as fraudulent.
This case has once again raised serious questions about Anil Ambani and the financial management of his companies. In the past, other firms under his group, such as Reliance Power, Reliance Capital, and Reliance Infrastructure, have also faced allegations of fraud, fund diversion, and loan defaults.
This move is a major setback for Anil Ambani and his company. The upcoming CBI investigation and the NCLT’s verdict will further determine the course of this matter. It also highlights the ongoing irregularities and mismanagement of loans in Indian banks. The findings of the CBI probe and the NCLT’s ruling in the coming days will shape the future of this case.
