SBI To Report Anil Ambani To RBI, Classify RCom Account As Fraud

The State Bank of India (SBI) has decided to report the loan account of Reliance Communications as "fraud" in a case dating back to August 2015, the company said in an exchange filing. The state-run lender will also report the name of the company's erstwhile director, Anil Ambani, to the Reserve Bank of India (RBI).

The company received a letter dated June 23, 2025, from the SBI to this effect, Reliance Communications said in a regulatory filing.

Anil Ambani has said that the ex parte order of the Fraud Identification Committee was shocking.
"Shocked to receive ex parte order of the Fraud Identification Committee," the law firm representing Anil Ambani said in a response to SBI.

"The bank did not respond to Ambani's last letter for a year," it said, adding "Ambani was not the whole time director, but a non-executive director at the time of events. He is not responsible for the day-to-day functioning and operations of RCom".

The bank has failed to provide an opportunity for a personal hearing to Ambani, and the relevant documents have not been provided to Ambani," the statement said, calling upon the bank to "withdraw the fraud classification".

The firm, which is undergoing insolvency proceedings, is a group firm of the Anil Ambani-led Reliance Group.

"This is to inform you that Company has received letter dated June 23, 2025 (received on June 30, 2025) from SBI (marked to he Company and its erstwhile director - Shri Anil Dhirajlal Ambani), inter alia, stating that SBI has decided to report the loan account of the Company as "fraud" and to report the name of Shri Anil Dhirajlal Ambani (erstwhile director of the Company) to the RBI, as per the extant RBI guidelines," the company said in the BSE filing.

Reliance Communications and its subsidiaries received a total loan of Rs 31,580 crore from banks, as per the filing. The Fraud Identification Committee of the bank has found a deviation in the utilisation of the loans.

The lender apparently found that the company failed to explain why it broke the terms of the loan. The bank also said the company did not satisfy its questions about irregularities in how the account was run.

The resolution plan for its insolvency has already been approved by its committee of creditors and is awaiting final approval from the National Company Law Tribunal, the company said.

"The credit facilities/loans referred to in the Letter from SBI dated June 23, 2025 (received on June 30, 2025) pertain to the period prior to the CIRP of the Company (as identified within the letter), and are required in terms of the Code, to be necessarily resolved as a part of a resolution plan or in liquidation, as the case may be," it added.

The SBI issued show-cause notices to the company earlier in December 2023, March 2024 and again in September 22024.

The State Bank of India has yet to issue a comment on the recent developments.