After SBI, Bank of India tags Reliance Comm's loan a/c as fraud, Anil Ambani's a/c included

Days after State Bank of India declared Reliance Communications' accounts as 'fraud', Bank of India also classified the loan accounts of promoter Anil Ambani, RComm, and Reliance Telecom as 'fraud', alleging diversion of loans and non-compliance with sanction terms. The notice also includes several other people connected with the companies.

According to a company filing, Reliance Comm received a letter dated August 8 from the Bank of India on August 22, 2025.

In it's notice to Reliance Communications Ltd., BOI mentioned that the loan accounts of the company, Anil Dhirgjlal Ambani, and Manjari Ashik Kacker have been tagged as 'fraud' for an outstanding loan of Rs 724.78 crore.


"The account of Borrower turned NPA on 30.06.2017 with outstanding of Rs 724.78 Crores. The Bank has been following up with the Borrowers and Guarantors for repayment of dues, however, they have failed and neglected to make repayment of the dues," BOI said in its letter, as shared by the company.

In its notice to Reliance Telecom, BOI has tagged the company's account as 'fraud' along with the accounts of directors Grace Thomas and Satheesh Seth, for a loan default of Rs 51.77 crore. Others involved in the case include Gautam Bhailal Doshi, Dagdulal Kastruchand Jain, and Prakash Shenoy.

RCom and its subsidiaries had taken loans totalling Rs 31,580 crore from banks.

CBI raid on Anil Ambani

Company's notice on the stock exchange comes a day after the Central Bureau of Investigation (CBI) searched premises linked to the Anil Dhirubhai Ambani Group (ADAG) on Saturday in connection with an alleged bank loan fraud case in Mumbai.

According to a statement by CBI, the agency conducted the searches at two locations in Mumbai, including the official premises of Reliance Communication Ltd., and residential premises of Anil Ambani.

The CBI registered an FIR on Thursday against Reliance Communication Ltd. (RCOM), Mumbai, its Director Anil Ambani, unknown public servants and unknown others on the basis of the complaint from the SBI, the statement said.

The agency alleged Ambani and RComm for committing offences of criminal conspiracy, cheating, criminal breach of trust.

SBI tagged Anil Ambani, RComm as 'fraud'

On July 2, SBI classified the loan account of Reliance Communications RCom) as fraud due to diversion of sanctioned loan amounts to pay connected parties, inter-company loan transactions and investments and misutilisation of sales invoices.

In response to the bank's letter, the company's response was as follows: Vide our letter dated October 21, 2024 we had submitted that as the bank’s show cause notice (SCN) dated December 20, 2023 had been issued prior to the revised RBI Master Directions dated July 15, 2024 which completely superseded the directions under which the SCN had been issued (and which are no longer in existence), the bank would need to withdraw the said SCN.

A law firm, on behalf of their client Anil Ambani, said that after almost a one-year silence by SBI, Anil Ambani was under the impression that the bank had accepted the client’s position and did not intend to precipitate the matter.

Before SBI, Canara Bank classified RCom as fraud citing similar reasons like routing of loan amounts to settle liabilities with connected parties and inter-company transactions.