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Rcom 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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