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SBI labels RCom loan account 'fraud'
Orissa POST
|July 03, 2025
Multiple transactions do not appear to be genuine or conducted in a normal course of business. It appears that RCom has utilized intra-day limits to finance RWSL to pay collection proceeds worth ₹1,110 crore, said report
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State Bank of India has decided to classify the loan account of beleaguered telecom firm Reliance Communications as "fraud" and to report the name of its erstwhile director -- Anil Ambani to the Reserve Bank of India (RBI), according to a regulatory filing.
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.
According to the filing, Reliance Communications (RCom) and its subsidiaries received a total loan of Rs 31,580 crore from banks. The Fraud Identification Committee of the bank has found deviation in utilization of the loans involving complex web of fund movements across multiple group entities.
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