Mumbai– In a major setback for industrialist Anil Ambani, the Bombay High Court on Friday dismissed his plea challenging the State Bank of India’s decision to classify his loan account as “fraud.”
A bench comprising Justices Revati Mohite Dere and Neela Gokhale upheld SBI’s action, ruling that the bank had complied with the Reserve Bank of India’s July 2024 Master Directions on fraud classification. The court rejected Ambani’s claims of procedural unfairness and arbitrariness.
SBI had declared the loan accounts of Reliance Communications (RCom) and its promoter Anil Ambani as fraudulent in June 2025, citing diversion of funds, breach of covenants, and related-party transactions….