SBI Tags Reliance Communications, Anil Ambani as ‘Fraud’; CBI Complaint in Process
ED Raids Anil Ambani-Linked Properties in Mumbai Over ₹3,000 Cr Loan Fraud
State Bank of India brands Reliance Communications and its promoter Anil Ambani as fraud, lodges complaint with CBI over ₹2,200 cr exposure and ₹786 cr guarantees under updated RBI norms.
Key Highlights:
- SBI classifies Reliance Communications (RCom) and Anil Ambani as “fraud” entities on June 13, 2025
- Complaint to be filed with CBI; RBI informed on June 24
- RCom owes SBI ₹2,227.64 crore in fund-based exposure and ₹786.52 crore in bank guarantees
- Action taken under RBI’s updated fraud management guidelines dated July 15, 2024
- Personal insolvency process against Ambani ongoing in NCLT Mumbai
- Earlier fraud complaint filed in 2021 was halted due to Delhi HC order
- Reclassification follows Supreme Court order ensuring borrower representation
In a significant development, the State Bank of India (SBI) has officially classified Reliance Communications (RCom) and its promoter Anil D. Ambani as “fraud” entities, and is preparing to lodge a formal complaint with the Central Bureau of Investigation (CBI). This was confirmed in Parliament on Monday by Minister of State for Finance, Pankaj Chaudhary.
The classification was made on June 13, 2025, under the RBI’s Master Directions on Fraud Risk Management and SBI’s internal policy. The Reserve Bank of India was informed on June 24, and the process for filing a complaint with the CBI is underway.
₹3,000+ Crore Exposure
According to SBI’s disclosures, its credit exposure to RCom includes:
- ₹2,227.64 crore in fund-based principal and accrued interest (since August 26, 2016)
- ₹786.52 crore in non-fund-based guarantees
RCom is currently undergoing Corporate Insolvency Resolution under the IBC since 2020. The resolution plan has been submitted to the NCLT Mumbai, but approval is still pending.
Legal History and Supreme Court Ruling
This is not the first time SBI has taken this route. The bank had previously classified RCom and Anil Ambani as fraud in November 2020, filing a CBI complaint on January 5, 2021. However, a status quo order by the Delhi High Court on January 6, 2021, forced SBI to withdraw the classification.
Later, the Supreme Court, in its judgment on March 27, 2023 (SBI vs Rajesh Agarwal), ruled that borrowers must be given a chance to be heard before being declared fraudulent. Based on this, SBI revoked the fraud status on September 2, 2023, only to resume the process in compliance with updated RBI guidelines issued on July 15, 2024. Following due process, the classification was reinstated.
Personal Insolvency Process Against Anil Ambani
SBI has also initiated personal insolvency proceedings under the IBC against Anil Ambani, which is currently being heard by the NCLT, Mumbai.
This latest action signals the tightening regulatory scrutiny on corporate defaulters and promoters, especially in high-profile cases. While Ambani and RCom have not officially responded to the renewed fraud classification, the move could mark the beginning of prolonged legal and investigative proceedings.
