Under Lens
SBI classifies RComm loan acct as fraud, reports Anil Ambani's name to RBI
This story was originally published at 15:44 IST on 2 July 2025
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NEW DELHI - State Bank of India has classified the loan account of Reliance Communications Ltd. as fraud, the telecom company Tuesday said in an exchange filing. SBI will also report the name of Anil Ambani, former director of the telecom company, to the Reserve Bank of India.
SBI's fraud identification committee decided to classify the loan account as fraud for deviation of funds in a 2016 case. The committee also decided that the management of Reliance Communications misappropriated funds through manipulation of books of accounts, the bank's letter attached with the exchange filing showed.
In October, Union Bank of India had classified the former promoters and directors of Reliance Communications as fraudsters, citing manipulation of accounts and diversion of funds.
Reliance Communications is currently under the corporate insolvency resolution process. A resolution plan has been approved by the committee of creditors of the company in accordance with the code and is presently awaiting approval of the National Company Law Tribunal, Mumbai Bench, the telecom company said.
The telecom company said it is protected from suits and proceeding during the corporate insolvency resolution process. SBI's classification of loan account as fraud is "not expected to have any impact on the Company," Reliance Communications said. "Furthermore, legal advice is being sought on the way forward with respect to this development."
Shares of the public sector bank ended 0.9% lower at INR 812.90 on the National Stock Exchange. SBI had reported a 10% on-year fall in net profit for the March quarter at INR 186.43 billion. End
Reported by Shubham Rana
Edited by Akul Nishant Akhoury
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