The CBI said it had registered a complaint after the State Bank of India claimed a loss of ₹2,929.05 crore resulting from alleged misappropriation by Reliance Communications and Anil Ambani. File.
| Photo Credit: PTI
The Bombay High Court on Friday dismissed industrialist Anil Ambani’s petition challenging the State Bank of India’s (SBI) decision to classify his and Reliance Communications’ loan accounts as fraud.
A Division Bench of Justices Revati Mohite Dere and Neela Gokhale rejected Mr. Ambani’s arguments of procedural unfairness and ruled that the plea lacked merit. A detailed copy of the judgment is awaited.
SBI had classified the accounts as fraudulent on June 13, 2025, citing alleged misappropriation of funds and violations of loan agreements. The bank’s decision was taken under the Reserve Bank of India’s Master Directions on Fraud Risk Management and SBI’s internal policies.
Mr. Ambani had approached the High Court, contending that SBI did not follow principles of natural justice and that he was not given an opportunity to be heard before the accounts were flagged as fraudulent. Additionally, he claimed that key documents supporting the classification were not initially shared and were only provided to him after six months.
Following the classification, SBI lodged a complaint with the Central Bureau of Investigation (CBI). The agency subsequently conducted searches at premises associated with Reliance Communications and at Mr. Ambani’s residence. The CBI reported that the complaint arose from an alleged loss of ₹2,929.05 crore, attributed to fund misappropriation by Reliance Communications and Mr. Ambani.
Mr. Ambani’s spokesperson said, “We are awaiting the order. Once we have reviewed it, we will evaluate the next course of action, as legally advised.”
Published – October 03, 2025 05:48 pm IST
