New Delhi. Anil Ambani’s company, which once dominated the telecom sector, has suffered a major setback. SBI has given a big blow to the loan account of Anil Ambani’s Reliance Communication. SBI put his loan account in the ‘fraud’ category.
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According to media reports, the Reliance Communications Company in Stock Exchange Filing said that SBI has inserted its loan account against Reliance Communications in relation to credit facilities from August 2016 in a ‘fraud’ category. Whereas Reliance Communications is going through bankruptcy proceedings under the Insolvency Code (IBC).
There is a possibility that similar action will be taken by other banks and financial institutions that give loans to RCom. In the information given to the stock market, RCom said that he has received a letter of 23 June 2025 from SBI in which this information has been given. The investigation of SBI’s ‘fraud identity committee’ found that the loan received by RCom was used elsewhere instead of the prescribed objectives. According to the report, there is a complex net of fund transfer between different units of the group, indicating the fund diversion.
Explain that the lawyers of industrialist Anil Ambani have written a letter to the State Bank of India against the banking Reliance Communications loan accounts as fraud. He said that the move has violated the directions of the court along with the guidelines of the RBI. In a letter written on July 2, the lawyer said that SBI’s order is shocking and has been passed unilaterally. Along with this, it is a violation of the principles of natural justice.
The lawyer said that SBI’s order is a direct violation of various decisions of the Supreme Court and the Bombay High Court as well as the guidelines of RBI. RCom said in a filing sent to the stock exchanges on Wednesday that SBI is classing his debt account as a fraud in a 2016 case, allegedly citing the diversion of funds.
