SBI classifies Reliance Communications loan as ‘fraud’, reports Anil Ambani to RBI

Reliance Communications in a regulatory filing said that it has received a letter dated June 23, 2025 from the State Bank of India (SBI) to this effect.SBI has decided to report the loan account of the company as ‘fraud’ and to report the name of Anil Ambani (erstwhile director of the company) to the RBI, as per the extant RBI guidelines, it said.As per the RBI guidelines, after a bank classifies an account as ‘fraud’, the lender should then report the fraud to RBI within 21 days of detection and also report the case to CBI/Police.According to the filing, Reliance Communications and its subsidiaries received a total loan of 731,580 crore from banks.

- GNS News Agency

SBI, in the letter sent to RCom, said it has found a deviation in the utilisation of the loans involving a complex web of fund movements across multiple group entities.“We have taken cognisance of the responses to our Show Cause Notice and after due examination of the same, it is concluded that sufficient reasons have not been provided by the respondent to explain the non-adherence to the agreed terms and conditions of the loan documents or the irregularities observed in the conduct of the account of RCL to the satisfaction of the bank,” it said-Accordingly, the letter said, the Fraud Identification Committee of the bank has decided to classify the loan account of RCL as fraud.