Anil Ambani has strongly denied allegations linked to Bank of Baroda’s move to classify the loan account of Reliance Communications (RCom) along with Anil D. Ambani as “fraud”.
A spokesperson for Anil Ambani told Financialexpress.com that after a long gap of over 10 years, only select lenders are targeting Ambani. “The action by Bank of Baroda to classify the loan account of Reliance Communications (RCom) along with Anil Ambani, pertains to matter dating back more than 12 years (i.e. the period of 2013), as per disclosures and records available in the public domain.”
SBI and BoI flagged Rel Com loans earlier; Ambani questions ‘selective’ action by lenders
Before this State Bank of India (SBI) and Bank of India (BOI) had also flagged RCom’s loan accounts as fraud in June 2025 and August 25 respectively, alleging diversion of funds in 2016.
“It is a matter of record that RCom had a lender consortium comprising 14 banks. After an inordinate lapse of more than 10 years, select lenders have now chosen to initiate proceedings in a staggered and selective manner targeting Ambani,” he added.
Ambani’s camp clarified that he served only as a non-executive director at RCom from its inception in 2006 until his resignation in 2019.
“He was never an executive director or a KMP of the company and had no role whatsoever in the day-to-day operations or decision-making of the company,” the spokesperson added.
No involvement in daily decision-making: Ambani’s spokesperson
The spokesperson further highlighted that RCom is currently under the control of a Committee of Creditors (CoC) led by State Bank of India (SBI) and monitored by a Resolution Professional. The CoC had unanimously approved a resolution plan in March 2020. However, the matter is still pending before the NCLT, the Supreme Court, and other judicial forums.
“The matter remains sub judice, pending before the NCLT and other judicial forums, including the Hon’ble Supreme Court, for the past six years and the lenders have not taken steps to complete the resolution process,” the spokesperson said.
Ambani denies all allegations
Ambani has rejected all allegations made against him. “Anil D. Ambani categorically denies all allegations and charges and shall pursue remedies available to him in accordance with legal advice,” the spokesperson said.
Rel Comm receives fraud classification notice
Rel Comm in a stock exchange filing on Thursday, September 4, said it had received a communication from Bank of Baroda dated September 2., “This is to inform you that Reliance Communications (“Company”) has received the aforementioned Letter dated September 02, 2025 (received on September 03, 2025), from Bank of Baroda inter alia, stating that Bank of Baroda has decided to classify the loan accounts of the Company and Anil Dhirajlal Ambani (in his capacity as the promoter and director of the Company (erstwhile)) as ‘Fraud’.
The lender cited the Reserve Bank of India’s 2024 Master Directions on Fraud Risk Management in Commercial Banks and Financial Institutions as the basis for classifying its loan account as fraud.
No impact on Reliance Power’s operations
Reliance Power, one of India’s leading private sector power generation companies, has also clarified that Bank of Baroda’s move have no impact on its business, financials, or stakeholders, stressing that the matter relates to over a decade ago. The press release noted, “Anil Ambani is not on the board of Reliance Power for more than 3.5 years.”
“Reliance Power is a separate and independent listed entity with no business or financial linkage to Reliance Communications,” it added.