Anil Ambani Moves Supreme Court Challenging SBI’s ‘Fraud’ Tag on His and RCom’s Accounts

Industrialist Anil Ambani has approached the Supreme Court of India, contesting the State Bank of India’s classification of his and Reliance Communications' (RCom) accounts as fraudulent, as per PTI.  

This move follows the Bombay High Court's denial of his plea, which upheld SBI’s stance and dismissed Ambani’s claims of procedural lapses by the bank. 

Background: SBI’s Fraud Tag and Bombay HC Verdict 

On October 3, 2025, the Bombay High Court ruled in favour of SBI, validating its decision to label the loan accounts of Anil Ambani and RCom as fraud. The bank had alleged that funds were diverted in violation of loan terms, resulting in substantial financial losses.  

According to SBI, the fraudulent activities contributed to a loss of ₹2,929.05 crore. Ambani had contended that he was not granted an opportunity to present his side before the accounts were tagged as fraudulent, thus breaching the principles of natural justice. 

Claims of Delayed Disclosures and Legal Recourse 

Ambani argued that SBI withheld crucial documents initially used to justify the fraud classification. These were shared with him only after a delay of approximately 6 months.  

He sought to overturn the Bombay High Court’s dismissal of his petition by appealing to the Supreme Court. The case is yet to be scheduled for hearing by the apex court. 

Read More: WeWork India IPO: Bombay HC Dismisses Petitions Against SEBI's Approval! 

CBI Involvement and Investigations 

The issue intensified when SBI filed a complaint with the Central Bureau of Investigation earlier in 2025. This led to searches at RCom’s offices and Ambani’s residence.  

The CBI registered a case based on SBI’s claim of fund misappropriation. RCom has been under financial strain since declaring insolvency, and this development adds further scrutiny to its financial dealings. 

Conclusion 

Anil Ambani's plea to the Supreme Court marks the latest chapter in the ongoing legal battle over SBI's fraud classification. With high financial stakes and regulatory implications, the court’s decision will be closely monitored. The matter currently awaits listing for hearing at the Supreme Court. 

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