ED Raid on Anil Ambani: The State Bank of India (SBI) has classified Reliance Communications and its promoter-director Anil D. Ambani as “fraud” and has initiated a complaint with the Central Bureau of Investigation (CBI), according to information presented in Parliament on Monday.
Minister of State for Finance Pankaj Chaudhary, in a written reply to the Lok Sabha, confirmed that SBI categorized the entities as fraud on June 13, 2025. The bank took this step under the Reserve Bank of India’s Master Directions on Fraud Risk Management and in line with its Board-approved policy on classification, reporting, and management of frauds.
The Resolution Professional of Reliance Communications informed the Bombay Stock Exchange of SBI’s classification on July 1, 2025, by disclosure compliance requirements. Chaudhary further stated that SBI’s exposure to Reliance Communications includes a non-fund-based bank guarantee of ₹786.52 crore and a fund-based principal outstanding amount of ₹2,227.64 crore, excluding interest and other expenses incurred since August 26, 2016.
Reliance Communications Down?
Reliance Communications is undergoing the Corporate Insolvency Resolution Process under the 2016 Insolvency and Bankruptcy Code. The Committee of Creditors approved the resolution plan on March 6, 2020, and submitted it to the National Company Law Tribunal (NCLT) in Mumbai. The NCLT has not yet granted clearance.
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According to Minister Chaudhary, the bank has also started the Personal Insolvency Resolution Process under the IBC against Anil D. Ambani, and the NCLT, Mumbai, is currently hearing the case. The bank had previously filed a complaint with the CBI on January 5, 2021, after classifying the account and promoter Anil Ambani as “fraud” on November 10, 2020.
SBI Vs Anil Ambani:
He said that the’status quo’ ruling issued by the Delhi High Court on January 6, 2021, was the reason the complaint was returned. In the State Bank of India & Others vs. Rajesh Agarwal & Others case, the Supreme Court ruled on March 27, 2023, that lenders must give borrowers a chance to defend themselves before labeling their accounts as fraudulent. As a result, on September 2, 2023, SBI reversed the account’s fraud categorization. However, by the RBI circular of July 15, 2024, the fraud classification procedure was repeated, and the account was once more categorized as “fraud” after following the procedure.
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