SBI classifies Reliance Communications, its promoter Anil Ambani as ‘fraud’; to lodge grievance with CBI

State Bank of India has labeled Reliance Communications together with promoter director Anil D Ambani as ‘fraud’ and can be within the strategy of lodging grievance with CBI, Parliament was knowledgeable on Monday (July 21, 2025).

The entities have been labeled as fraud on June 13, 2025 in accordance with the RBI’s Master Directions on Fraud Risk Management and Bank’s Board-approved Policy on Classification, Reporting & Management of Frauds, Minister of State for Finance Pankaj Chaudhary mentioned in a written reply within the Lok Sabha.

“On June 24, 2025, the bank reported classification of fraud to RBI, and is also in the process of lodging complaint with CBI,” he mentioned.

Further, on July 1, 2025, as a part of disclosure compliance, Resolution Professional of RCom knowledgeable the Bombay Stock Exchange concerning fraud classification by the financial institution.

The credit score publicity of SBI in RCom contains, fund-based principal excellent quantity of ₹2,227.64 crore together with the accrued curiosity and bills with impact from August 26, 2016 and non-fund based mostly Bank Guarantee of ₹786.52 crore, he mentioned.

RCom is present process Corporate Insolvency Resolution Process underneath the Insolvency and Bankruptcy Code, 2016. The decision plan was accepted by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai on March 6, 2020, and NCLT approval is awaited.

The financial institution has additionally initiated Personal Insolvency Resolution Process underneath IBC in opposition to Anil D Ambani and the identical is being heard by NCLT, Mumbai, he mentioned.

The financial institution had earlier labeled the account and promoter Anil D Ambani as ‘fraud’ on November 10, 2020 and filed a grievance with the CBI on January 5, 2021.

However, he mentioned, the grievance was returned in view of the ‘established order’ order dated January 6, 2021 by the High Court, Delhi.

Meanwhile, a Supreme Court judgement dated March 27, 2023 in State Bank of India & Others Vs Rajesh Agarwal & Others case mandated that lenders present debtors with a possibility to signify earlier than classifying their accounts as fraud.

Accordingly, he mentioned, the fraud classification within the account was reversed by the financial institution on September 2, 2023.

The fraud classification course of was re-run, and the account was once more labeled as ‘fraud’ after following the due course of as per RBI round dated July 15, 2024.