New Delhi3 hours ago
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State Bank of India (SBI) has declared the loan account of Reliance Communications Limited (RCOM) as fraud. SBI is now preparing to report the name of former RCom director Anil Ambani to Reserve Bank of India (RBI). Due to which the new controversy has started on the financial of the telecom company.
SBI sent a letter to RCom on 23 June 2025, saying that its fraud investigation committee has termed the company’s loan account as fake. After forensic audit and several notices, the bank found that the company misused the fund. It is alleged that RCom diverted loan money to Reliance Telecom Limited (RTL) and other group companies. Also violated the terms of the loan.
SBI processing to send Anil Ambani’s name to RBI
Due to this, SBI is now processing RCom’s loan account and Anil Ambani’s name to RBI. This is not the first time RCom has been accused of such. In November 2024, Canara Bank also declared RCom’s account as fraud, but the Bombay High Court stayed that action.
These allegations are associated with the RCom’s loans that the company made the bankrupt process (CIRP) in June 2019. At that time RCom was in heavy debt and the bankrupt process started under the supervision of the Mumbai Bench of the National Company Law Tribunal (NCLT).
Currently, the company’s management resolution is with professional Aneesh Niranjan Nanavati. The creditors have approved a resolution plan, on which the final approval of NCLT is now awaited.
In November 2024, Canara Bank also declared RCom’s account as fraud.
Company safe under Insolvency and Bankruptcy Code: RCom
RCom, while replying to these allegations, has said that the company is safe under the Insolvency and Bankruptcy Code (IBC). The company says that these loans are before 2019 and all the claims related to them should be settled through resolution plan or liquidation.
If the NCLT approves the resolution plan under Section 32A of the IBC, then the company will not be accountable for crimes before 2019. RCom said in a regulatory filing, “The company is protected from any lawsuit or action during the insolvency process.” The company is now seeking advice from legal experts to respond to SBI’s action.
This incident is another challenge for Anil Ambani, whose business empire has been in trouble for many years. Anil Ambani, once a big name in India’s telecom and infrastructure sector, has faced many financial and legal battles due to heavy debt from RCom and other group companies.
What will be the effect on RCom and Anil Ambani with SBI’s action?
The action of sending Anil Ambani’s name to RBI by SBI can affect his reputation and future business transactions. At the same time, this tag of fraud for RCom can make its ongoing insolvency process more difficult. Although the company hopes that NCLT’s approval will provide relief to it, these new allegations can cause delay or blockage in the process.
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