Anil ambani: Anil Ambani’s difficulties are constantly increasing. After State Bank of India (SBI) and Bank of India (BOI), now Bank of Baroda (BOB) has described Reliance Communications (RCom) and Anil Ambani’s account as fraud. It has already increased the problem for the company passing through the insolvency process.

Anil Ambani refuses allegations

In the information given to the exchange on Thursday, the company said that Bank of Baroda has called Reliance Communications Limited (RCom) and its first director Anil Ambani’s loan account as fraud. Anil Ambani has categorically denied these allegations against him. At the same time, he has also talked about taking legal advice and taking necessary steps in the coming time.

He resigned from the RCom Board in 2019 after assuming the responsibility of the company’s non-executive director since 2006. Anil Ambani also claims that he has no role in the company’s daily functioning. In one of his official statement, he has spoken of targeting him.

He said, everyone knows that RCom has a consortium of 14 banks. After spending more time for 10 years without any mistake, some banks have now decided to initiate proceedings to target them.

Company is already facing trouble

Let us know that RCom is passing through the Corporate Insolvency Resolution Process (CIRP) these days under the Insolvency and Bankruptcy Code, 2016. The committee of credors has given approval to the plan of its resolution. The case has been filed in the National Company Law Tribunal (NCLT) in Mumbai and the approval is still awaited. Earlier in the months of June and August, State Bank of India and Bank of India described RCom’s loan account as fraud.

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After SBI, now Bank of India has considered Anil Ambani’s loan account as fraud, RCom is related to RCom

Rom loan fraud: Industrialist Anil Ambani’s bankrupt company Reliance Communications has been described as a fraud by SBI. Giving information about this in a letter filed in the stock exchange, SBI said that RCom wrongly transferred the approved loan money to other companies. Due to which it has misused the invoices related to inter company transactions and sales.

Anil Ambani’s lawyer reply to SBI

Anil Ambani’s lawyer has written a letter to SBI, strongly opposing Reliance Communications for calling the loan account a fraud. The letter written on 2 July 2025 states that this move of SBI has also violated the guidelines of RBI and court directions.

In a information sent by Reliance Communications to the stock market on Wednesday, he said that SBI is classifying his loan account as fraud, citing alleged sending money to another place in a 2016 case. Anil Ambani’s lawyer said that SBI’s order to call RCom’s loan account a fraud is shocking and unilateral and also violates the principles of Natural Justice.

RBI guidelines violation

Anil Ambani’s lawyer said that the SBI order is a direct violation of the RBI guidelines with various decisions of the Supreme Court and the Mumbai High Court. In the letter, Anil Ambani’s lawyer further said that SBI has not responded to Ambani’s communication about the invalid of show cause notice for about a year. Along with this, the lawyer said that SBI has not even given an opportunity for personal hearing to Ambani to present arguments against his allegations. He said that Ambani is taking forward the matter as per legal advice.

It is worth noting that before SBI, Canara Bank had also argued the Lone Account of RCom as a fraud account. In this, he had sent the reason for sending loan money to connected parties and inter company transactions.

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