SBI Declares RCOM Loan Fraud: The State Bank of India (SBI) has declared the loan account of Reliance Communications Limited (RCOM) as fraudulent. SBI is now preparing to report the name of former RCOM director Anil Ambani to the Reserve Bank of India (RBI). This has started a new controversy over the finances of the telecom company.
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SBI Declares RCOM Loan Fraud
SBI sent a letter to RCOM on June 23, 2025, stating that its Fraud Investigation Committee had declared the company’s loan account as fraudulent. After a forensic audit and several notices, the bank found that the company had misused funds. It is alleged that RCOM diverted the loan money to Reliance Telecom Limited (RTL) and other group companies and also violated the terms of the loan.
Anil Ambani’s Name to RBI: SBI Initiates Process
Due to this, SBI is now in the process of sending RCOM’s loan account and Anil Ambani’s name to RBI. This is not the first time that such allegations have been levelled against RCOM. In November 2024, Canara Bank also declared RCOM’s account as fraud, but the Bombay High Court stayed that action.
These allegations are related to the loans taken by RCOM before the insolvency process (CIRP) began in June 2019. At that time, RCOM was heavily in debt and the insolvency process was started under the supervision of the Mumbai bench of the National Company Law Tribunal (NCLT). Currently, the management of the company is with resolution professional Anish Niranjan Nanavati. The creditors have approved a resolution plan, which is now awaiting final approval from NCLT.
RCom Statement On SBI Declares RCOM Loan Fraud
RCOM has responded to these allegations by saying that the company is protected under the Insolvency and Bankruptcy Code (IBC). The company says that these loans are from before 2019, and all claims related to them should be settled through a resolution plan or liquidation.
Under Section 32A of the IBC, if the NCLT approves the resolution plan, the company will not be liable for offences committed before 2019. “The company is immune from any suit or action during the insolvency process,” RCOM said in a regulatory filing. The company is now consulting legal experts to respond to SBI’s action.
What impact will SBI’s action have on RCOM and Anil Ambani?
SBI’s action of sending Anil Ambani’s name to RBI can affect his reputation and future business transactions. At the same time, this tag of fraud for RCOM can make its ongoing bankruptcy process even more difficult.
Though the company is hopeful that NCLT’s approval will provide it relief, these fresh allegations could delay or obstruct the process.
Conclusion On SBI Declares RCOM Loan Fraud
The incident is another challenge for Anil Ambani, whose business empire has been in trouble for several years. Anil Ambani, once a big name in India’s telecom and infrastructure sector, has faced several financial and legal battles due to the huge debt of RCOM and other group companies.
Jay Chavda He is the Founder and Writer of businesspulsecare.com. He is an I.T Engineer, Freelancer, Businessman. He posts Business, Stock/Share Market, Finance Related News and updates on the website. 🔗