After SBI, Bank of India Labels RCom and Anil Ambani Accounts as Fraud

Bank of India (BOI) has classified the loan accounts of Reliance Communications (RCom), its former promoter Anil Ambani, and ex-director Manjari Ashok Kacker as fraudulent, as per news reports. The bank cited alleged diversion of funds from a ₹700 crore loan sanctioned in August 2016. The account turned non-performing in June 2017, with dues of ₹724.78 crore.

Reliance Telecom is Also Named

In a separate notice, BOI declared the loan accounts of Reliance Telecom Limited as fraudulent, involving directors Grace Thomas and Satheesh Seth. This was tied to a default of ₹51.77 crore. Other individuals named included Gautam Doshi, Dagdulal Jain, and Prakash Shenoy. RCom and its subsidiaries together had borrowings of about ₹31,580 crore across lenders.

Loan Terms and Alleged Diversion

The 2016 loan was intended for capital and operational expenses. BOI said half the amount disbursed later that year was parked in a fixed deposit, which was not permitted under the sanction letter. The bank said repeated follow-ups for repayment went unanswered. RCom formally disclosed receipt of the bank’s communication dated August 8.

Earlier SBI Action and CBI Case

This comes after State Bank of India (SBI) declared RCom’s loans fraudulent in June 2025. Following SBI’s complaint, the Central Bureau of Investigation registered a case of alleged fraud worth ₹2,929.05 crore. 

The agency searched Ambani’s residence and RCom premises in Mumbai, citing fund diversion through inter-company transactions, invoice financing, and routing of funds via group entities.

Read more: SBI Declares RCom and Anil Ambani as Fraud, to File Complaint with CBI!

Reliance Communications Share Price Performance 

As of 09:30 AM on August 25, 2025, Reliance Communications (RCom) share price was trading at ₹1.72, a 5.49% decrease from the previous closing price. 

Conclusion

RCom, burdened with ₹40,400 crore debt as of March, remains under insolvency proceedings. The matter is being handled by a committee of creditors led by SBI and is before the National Company Law Tribunal.

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