Image Credit: Sourav Mishra
SBI Declares Anil Ambani and RCom Loan as Fraudulent
The State Bank of India (SBI) has officially classified the loan account of Reliance Communications (RCom) and its promoter Anil Ambani as fraudulent. The decision, made on June 13, 2025, was in accordance with the Reserve Bank of India’s master directions on fraud risk and SBI’s internal policies. This classification was formally disclosed to the Bombay Stock Exchange on July 1 by RCom’s resolution professional.
SBI to Proceed with CBI Complaint
SBI has informed the Reserve Bank of India and is preparing to file a formal complaint with the Central Bureau of Investigation (CBI). The bank’s total exposure to RCom stands at ₹2,227.64 crore in principal loans, along with ₹786.52 crore in bank guarantees.
Previous Fraud Tag Withdrawn, Now Reimposed
This is the second time SBI has declared RCom’s account as fraudulent. A similar declaration was made in 2020, followed by a CBI complaint in early 2021. That earlier action was stayed due to a Delhi High Court order, and SBI later withdrew the fraud tag in 2023 after complying with Supreme Court directions for a personal hearing. However, under revised RBI rules introduced in July 2024, SBI resumed the classification process and re-tagged the account as fraud after following due process.
Insolvency Process and Legal Action Continue
RCom has been under insolvency proceedings since March 2020. The resolution plan has received creditor approval and is awaiting final clearance from the National Company Law Tribunal (NCLT). Separately, SBI has also filed a personal insolvency petition against Anil Ambani, which is being heard by the Mumbai bench of the NCLT.
Implications for Lending and Governance
With the fraud classification reinstated, RCom and Anil Ambani are now barred from accessing fresh loans from banks. The case highlights the growing scrutiny of high-value loan defaults and the tightened approach by banks and regulators in dealing with stressed assets and promoter accountability.
