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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Anil ambani: After the State Bank of India (SBI), now the Bank of India (BOI) has also termed the loan account of the debt -ridden company Reliance Communications (RCOM) as fraud and has also named former director of the company Anil Ambani in 2016 citing alleged funds diversion. Its information has been given in regulatory filing. Earlier this year, in June this year, State Bank of India also took a similar step. SBI accused RCom of violating the conditions of taking loans and rigging money.

What did the company do for the loan from BOI?

In the information given to the stock market, RCom said, the company received a letter from Bank of India on August 22, in which the company’s promoter and former director Anil Dhirlal Ambani and another director of the company Manjari Ashok Kakkar were informed to classify the loan account as a fraud.

In August 2016, Bank of India approved a loan of Rs 700 crore for RCom to run the company and pay earlier loans. However, in its letter issued by RCom, the bank said that half of these money received as loans was invested in fixed deposits, which is a violation of the terms of loan approval.

Anil Ambani came under the scanner of CBI investigation

Following the complaint of SBI, the Central Bureau of Investigation (CBI) on Saturday searched the premises associated with RCom and Ambani’s residence. According to the PTI report, the State Bank of India has claimed a loss of Rs 2,929.05 crore due to Reliance Communications and Anil Ambani’s alleged rigging and on the basis of this, the CBI has registered an FIR against RCom and Ambani.

Giving clarification on this whole incident, a spokesman on behalf of Anil Ambani said that “all the allegations against him are baseless and he will completely defend himself.” On the SBI complaint, the spokesperson said that the matter is more than ten years old. At that time, Anil Ambani was the non-executive director of the company and he had no role in the management of the company.

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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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