Anil Ambani moves SC against SBI classifying loan account as fraud'
This story was originally published at 13:38 IST on 1 December 2025
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NEW DELHI – Reliance Communications Ltd.'s founder Anil Ambani has moved the Supreme Court against the Bombay High Court order that upheld State Bank of India's decision to classify his loan account as well as the company's as fraud. In October, the high court had rejected Anil Ambani's argument that he was not given an adequate opportunity to present his defence for classifying the loan accounts as fraudulent. The high court had said that the State Bank of India had adhered to the Reserve Bank of India's Master Directions on Fraud Risk Management.
In June, the bank had classified the loan account of Ambani and Reliance Communications as fraud for deviation of funds in a 2016 case. SBI alleged that Ambani had misappropriated bank funds by entering into transactions that violated the terms of the loans. Thereafter, the Central Bureau of Investigation lodged a case against Ambani for alleged bank fraud that caused a loss of over INR 29.29 billion to SBI. Other banks have also passed similar orders against Ambani and Reliance Communications.
Ambani had argued that the SBI had not followed the principles of natural justice, as it had not granted him an audience before classifying the accounts as fraudulent. Ambani said that the bank's decision was taken without following due process and was arbitrary in nature. Ambani stated that he was only a non-executive director of the company and had been selectively targeted.
At 1259 IST, shares of Reliance Communications were unchanged at INR 1.27 and those of State Bank of India were down 0.4% at INR 975 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Deepshikha Bhardwaj
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