SBI Classifies RCom, Promoter Anil Ambani As "Fraud"
State Bank of India has classified Reliance Communications along with promoter director Anil D Ambani as 'fraud' and is also in the process of lodging a complaint with CBI.
State Bank of India has classified Reliance Communications along with promoter director Anil D Ambani as 'fraud' and is also in the process of lodging a complaint with CBI, Parliament was informed on Monday.
The entities were classified 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 said in a written reply in the Lok Sabha.
"On June 24, 2025 the bank reported classification of fraud to RBI, and is also in the process of lodging a complaint with CBI," he said. Further, on July 1, 2025, as part of disclosure compliance, Resolution Professional of RCom informed the Bombay Stock Exchange regarding fraud classification by the bank.
The credit exposure of SBI in RCom includes, fund-based principal outstanding amount of Rs 2,227.64 crore along with the accrued interest and expenses with effect from August 26, 2016, and non-fund based Bank Guarantee of Rs 786.52 crore, he said.
RCom is undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. The resolution plan was approved 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 bank has also initiated Personal Insolvency Resolution Process under IBC against Anil D Ambani, and the same is being heard by NCLT, Mumbai, Chaudhary said.
The bank had earlier classified the account and promoter Anil D Ambani as 'fraud' on November 10, 2020 and filed a complaint with the CBI on January 5, 2021.
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