SBI flags Rcom a/c as fraud

SBI's FIC, in its meeting on June 13, 2025, identified a consistent pattern of financial misconduct, finding that RCom and its entities were engaged in fund diversion and opaque transactions.

- 

The audit revealed large-scale diversion of bank funds, channeled through related entities, temporarily parked in mutual funds or fixed deposits, and cycled via intra-day transactions to evade disclosure.

Despite written representations from RCom's resolution professional and legal responses from Ambani's counsel, SBI deemed the explanations insufficient to offset the findings of the forensic audit.

"We have taken cognisance of the responses (wherever received) to our SCN and after due examination 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 Reliance Communication Limited to the satisfaction of the bank," SBI stated in its letter.