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4w ago

Bank of Baroda Tags RCom, Anil Ambani Loans as Fraud

The designation raises stakes for active CBI and ED probes alongside an insolvency case still awaiting NCLT approval.

Reliance Group Chairman Anil Ambani was never an executive director or key managerial personnel of Reliance Communications, his spokesperson says.
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AMBANI FRAUD

Overview

  • RCom disclosed a September 2 letter from Bank of Baroda classifying its and Anil Ambani’s loan accounts as fraud, following similar tags by SBI in June and Bank of India on August 24.
  • RCom says the loans relate to the pre-insolvency period and must be dealt with under the approved creditors’ resolution plan pending before the NCLT, and the company is seeking legal advice.
  • Anil Ambani denies wrongdoing, notes he was a non‑executive director with no role in daily operations, claims selective targeting by some lenders, and signals legal challenges.
  • The CBI registered an FIR on August 21 based on an SBI complaint alleging a Rs 2,929.05 crore loss, citing a BDO India forensic audit of 2013–2017 that flagged inter‑company transfers and misuse of funds.
  • The ED is examining broader alleged loan diversions across group entities estimated near Rs 17,000 crore, while banks say fraud classifications will be reported to regulators and can trigger enforcement referrals and credit restrictions.