In a major setback for Anil Ambani, the former director of Reliance Communications Ltd (RCOM), the State Bank of India (SBI) has classified the company’s loan account as “fraud.”
The bank is now gearing up to report Ambani’s name to the Reserve Bank of India (RBI), stirring fresh controversy around the telecom giant’s financial dealings.
This follows a similar move by Canara Bank in November 2024, which was temporarily halted by the Bombay High Court.
Here’s everything you need to know about this unfolding controversy.
What’s the fraud allegation?
SBI, in a letter dated June 23, 2025, informed RCOM that its Fraud Identification Committee has flagged the company’s loan account as fraudulent.
The decision comes after forensic…