State Bank of India (SBI) has again designated Reliance Communications (RCom) and its promoter Anil D Ambani as ‘fraud’, restarting legal action by initiating a complaint with the Central Bureau of Investigation (CBI), as per news reports. The decision follows due process mandated by the Reserve Bank of India (RBI).
On June 13, 2025, SBI classified RCom and its promoter Anil Ambani as fraudulent entities under RBI’s Master Directions on Fraud Management. On June 24, the fraud was reported to RBI, and a complaint to the CBI is underway. RCom, under insolvency since August 2016, owes SBI a principal fund-based amount of ₹2,227.64 crore along with ₹786.52 crore in non-fund-based guarantees.
RCom is currently under Corporate Insolvency Resolution Process (CIRP) as per the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors has approved a resolution plan which awaits clearance from the National Company Law Tribunal (NCLT), Mumbai. Separately, SBI has initiated personal insolvency proceedings against Anil Ambani.
Read More: Fake GST Claims Surge 29%! ₹15,851 Crore Tax Fraud Uncovered in Q1 FY26!
SBI had previously classified the account as fraud in November 2020 and filed a complaint with the CBI in January 2021. However, a Delhi High Court status quo order resulted in the complaint being returned. Subsequently, in March 2023, the Supreme Court mandated that borrowers must be given a hearing before fraud classification. SBI reversed and reprocessed the classification, finally reaffirming it on July 15, 2024.
On July 1, 2025, the Resolution Professional of RCom notified the Bombay Stock Exchange about the classification. SBI’s actions adhere to regulatory expectations, showcasing the bank’s commitment to protecting public funds and ensuring transparency in corporate accounts.
On July 22, 2025, State Bank of India share price opened at ₹827.50 on NSE, above the previous close of ₹824.20. During the day, it surged to ₹827.55 and dipped to ₹823.90. The stock is trading at ₹825.35 as of 9:17 AM. The stock registered a marginal change of 0.14%.
Over the past week, it has declined by 0.76%, over the past month, it has moved up by 3.77%, and over the past 3 months, it has moved up by 2.37%.
SBI’s reaffirmation of fraud classification against RCom and Anil Ambani marks a critical legal and financial development. With over ₹3,000 crore in total exposure, the move aims to recover dues and uphold regulatory and ethical banking standards.
Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in securities are subject to market risks. Read all related documents carefully before investing.
Published on: Jul 22, 2025, 10:41 AM IST
Team Angel One
We're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
