Anil Ambani: ‘Fraud’ Tag Reloaded? You Read That Right!
Hold onto your seats- because this headline has some serious financial drama! The State Bank of India (SBI) has once again slammed the “fraud” label on Reliance Communications (RCom) and none other than its promoter-director, Anil D Ambani. Yep, again.
As of June 13, 2025, SBI officially declared both the company and its chairman “fraudulent” under the RBI’s Fraud Risk Management rules- and now they’re gearing up to knock on the CBI’s door (AGAIN) with a fresh complaint.
Meanwhile, Reliance Communication is still wading through the Corporate Insolvency Resolution Process (CIRP) like it’s a never-ending courtroom saga. Despite the Committee of Creditors giving the green light way back in March 2020, the final stamp from the Mumbai NCLT is still hanging in limbo. Oh, and plot twist? SBI’s also kicked off a Personal Insolvency Resolution Process against Ambani himself. This isn’t just a financial mess—it’s a full-blown boardroom thriller. A drama that has big names attached such as Ambani.
Here Is How Anil Ambani Bagged The ‘Fraud’ Tag For Himself: Timeline Breakdown
- November 10, 2020: SBI initially classified Reliance Communications (RCom) and Anil Ambani as ‘fraud’.
- January 5, 2021: SBI filed a complaint with the Central Bureau of Investigation (CBI).
- January 6, 2021: The CBI returned the complaint following a Delhi High Court status quo order.
- March 27, 2023: The Supreme Court, in SBI vs Rajesh Agarwal and Others, ruled that borrowers must be heard before banks assign a ‘fraud’ tag.
- September 2, 2023: SBI complied with the ruling and reversed the fraud classification.
- July 15, 2024: RBI issued an updated Fraud Risk Management circular.
- June 13, 2025: After re-evaluation and compliance, SBI reclassified RCom and Anil Ambani as ‘fraud’.
Parallel Move By Canara Bank: Another Twist In The Ambani Saga
It’s not just SBI stirring the pot, Canara Bank has also stepped into the spotlight! And yes, all eyes are now on the growing storm around Anil D Ambani, whose name is back in bold and not for the best reasons. This Rreignition is shining a light on the serious lapses and loopholes Reliance Communications may have been dodging for far too long.
In a curious twist, Canara Bank recently told the Bombay High Court it had withdrawn its earlier decision to tag RCom’s loan account as ‘fraud’. Why? The ₹1,050 crore loan from 2017, meant for capital expenditure and debt repayment, was allegedly diverted for inter-company transactions, mutual funds, and asset buys. The account was declared an NPA on March 9, 2017. However, in February 2025, the Bombay High Court hit pause on that move, citing non-compliance with RBI norms and the Supreme Court’s borrower-hearing rule.
What Is the Mystery Of ₹12,692 Crore Diversion In Reliance Communication’s Promoter Anil Ambani’s Case?
- Forensic Shockwave
SBI’s forensic audit revealed a massive diversion of ₹12,692 crore worth of loans by RCom to inter-group entities, raising serious red flags. - Only Half Returned
Out of the ₹12,692 crore, only ₹6,266 crore made its way back to lenders, according to SBI’s communication with the Reserve Bank of India. - Fraud Tag Fallout
With the fraud label reinstated, SBI is now preparing to report the case again to both RBI and CBI, launching a fresh wave of investigations. - Lending Ban Triggered
This fraud tag could result in a five-year lending restriction to the company and its promoter, as per RBI’s strict norms. - Legal Drama Continues
While RCom remains under CIRP, Anil Ambani faces personal insolvency proceedings in NCLT. Meanwhile, Reliance Infrastructure got temporary relief after NCLAT stayed its insolvency case.
What’s Next For Stakeholders In Reliance Communication Case? Buckle Up!
The Reliance Communications rollercoaster isn’t slowing down! With NCLT still combing through the mess under CIRP, resolution feels more like a cliffhanger than a conclusion. Anil Ambani, meanwhile, isn’t just juggling personal insolvency—if SBI’s CBI complaint gains steam, criminal proceedings could crash the party. And for other banks watching from the wings? Better clutch those RBI rulebooks tight—one wrong move in classification could mean another courtroom sequel. So, what do you think—are we watching a comeback in slow motion or a billion-rupee cautionary tale? Either way, this Ambani saga is still dishing out drama and legal lessons.
Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
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