In a significant development, state-owned Bank of Baroda (BoB) has classified the loan accounts of debt-laden Reliance Communications Limited, also RCom, and its former chairman, Mr. Anil Dhirubhai Ambani, as “fraud”, alleging a systematic diversion and misappropriation of funds.
The bank issued a detailed “Reasoned Order” on September 2, 2025, following a protracted process that included a forensic audit and multiple show-cause notices. The total outstanding exposure classified as fraud amounts to approximately ₹1,656.07 crore.
RCom, which has been undergoing a Corporate Insolvency Resolution Process (CIRP) since 2018, promptly disclosed the development to the stock exchanges on Thursday, as mandated by market…