India’s largest lender, State Bank of India (SBI) has classified the loan account of Anil Ambani’s Reliance Communications as “fraud”.
In a letter dated June 23, 2025, SBI said that it issued a show cause notice to the company via letters in December 2023, March 2024 and September 2024.
After taking cognisance of Reliance Communications’ response, SBI concluded the company could not explain non-adherence to terms and conditions of the loan.
The company also did not explain non-adherence to irregularities in conduct of account to the bank’s satisfaction.
Hence, SBI’s fraud identification committee decided to classify the account as “fraud”.
The bank will take action to report the names of Reliance Communications and Anil Ambani to the…