Days after the State Bank of India (SBI) declared Reliance Communications’ accounts as “fraudulent,” the Bank of India (BOI) has also classified the loan accounts of promoter Anil Ambani, Reliance Communications (RComm) and Reliance Telecom under the same category. The bank alleged diversion of loans and violations of sanction terms, naming Ambani and several other individuals linked to the companies in its notice, according to a regulatory filing.
RComm said on August 22, that it had received a letter from State-owned BOI on August 22, 2025. In its notice, the bank said that the loan accounts of Reliance Communications Ltd., Anil Dhirubhai Ambani, and Manjari Ashik Kacker were tagged as fraud for an outstanding amount of Rs 724.78 crore, as per filing.
Earlier in June, the State Bank of India (SBI) had taken a similar step, accusing RCom of misusing bank funds by entering into transactions that violated loan terms. Following SBI’s complaint, the Central Bureau of Investigation (CBI) searched offices linked to RCom as well as the residence of Anil Ambani.
The CBI confirmed that it had registered a case after SBI claimed it had suffered a loss of Rs 2,929.05 crore. The allegation was that Reliance Communications and Anil Ambani were involved in misappropriation.
Reliance group has issued a press release that reads, “Recent action by Central Bureau of Investigation on Reliance Communications Limited and on Mr. Anil D Ambani has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Infrastructure.”
Anil Ambani denies allegations
A spokesperson for Anil Ambani said he “strongly denied all allegations and charges” and that he “will duly defend himself”. The spokesperson added, “The complaint filed by SBI pertains to matters dating back more than 10 years. At the relevant time, Ambani was a non-executive director of the company, with no involvement in the day-to-day management.”
The statement further said, “It is pertinent to note that SBI, by its own order, has already withdrawn proceedings against five other non-executive directors. Despite this, Ambani has been selectively singled out.”
Reliance Telecom also named
In its filing, Reliance Communications revealed that its subsidiary, Reliance Telecom Ltd (RTL), also received a letter from Bank of India. The bank has decided to classify the loan accounts of RTL, Grace Thomas (erstwhile director of RTL and present director of the company), and some other individuals as “Fraud”.
Under banking rules, once a loan account is declared fraudulent, it must be referred to enforcement agencies for criminal action. The borrower is also barred from taking new loans from banks or other regulated institutions for the next five years.
According to the letter made public by RCom, Bank of India said that RCom turned into a non-performing asset (NPA) on June 30, 2017, with an outstanding of Rs 724.78 crore. The bank stated, “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.”
In April, Reliance Communications had disclosed that its total debt stood at Rs 40,400 crore as of March. Due to its unpaid loans, the company was admitted to insolvency and bankruptcy proceedings. At present, RCom is being managed under the supervision of a Committee of Creditors, led by SBI and overseen by a Resolution Professional, according to a PTI report.