SBI Labels Reliance Communications and Anil Ambani as ‘Fraud’ Again, CBI Complaint in Process

New Delhi, July 22: The State Bank of India (SBI) has again marked Reliance Communications Limited (RCOM) and its promoter Anil D. Ambani as “Fraud.” This was shared by Minister of State for Finance, Pankaj Chaudhary, in Parliament. He said this action follows the Reserve Bank of India (RBI) rules on managing fraud and SBI’s internal policy.

On June 24, 2025, SBI officially told the RBI about this fraud. It is also getting ready to file a complaint with the Central Bureau of Investigation (CBI). The minister gave this update in a written answer in the Lok Sabha (the lower house of Parliament).

On July 1, 2025, RCOM’s Resolution Professional informed the Bombay Stock Exchange about the fraud status, as required by law.

SBI’s total exposure to RCOM includes a loan of ₹2,227.64 crore (with interest and costs starting from August 26, 2016) and a bank guarantee of ₹786.52 crore.

RCOM is currently going through a legal process called Corporate Insolvency Resolution Process under India’s Insolvency and Bankruptcy Code (IBC). The company’s debt resolution plan was accepted by lenders and sent to the National Company Law Tribunal (NCLT) in Mumbai on March 6, 2020. The NCLT’s final approval is still pending.

Also, SBI has started a personal insolvency case under IBC against Anil Ambani. This case is being heard by the NCLT in Mumbai.

Earlier, SBI had declared the RCOM account and Anil Ambani as fraud in November 2020 and filed a complaint with the CBI in January 2021. But the complaint was returned after a Delhi High Court order in January 2021 stopped further action.

Later, the Supreme Court ruled in March 2023 that banks must first give borrowers a chance to respond before calling an account a fraud. Because of this, SBI reversed the fraud tag in September 2023.

Now, after following all proper steps under a new RBI guideline from July 15, 2024, SBI has again marked the account as fraud.