Anil Ambani and Reliance Communications’ loan accounts declared ‘fraud’ by Bank of Baroda

Bank of Baroda has declared the mortgage accounts of bancrupt Reliance Communications Ltd. and Anil Ambani as “fraud”, knowledgeable the corporate by a late trade submitting on Thursday.“Reliance Communications Restricted has obtained the aforementioned letter dated September 02, 2025 stating that Financial institution of Baroda has determined to categorise the mortgage accounts of the corporate and promoter Anil Ambani as ‘Fraud’.” mentioned the corporate.

The corporate has mentioned that it’s going to in search of authorized recommendation on the way in which ahead with respect to this improvement. Former director has ‘categorically denied all allegations and expenses and also will be pursuing treatments out there to him in accordance with authorized recommendation.’

RCom is present process Corporate Insolvency Resolution Process below the Insolvency and Chapter Code, 2016. The decision plan was authorized by the Committee of Collectors and filed with the National Company Law Tribunal (NCLT), Mumbai on March 6, 2020, and NCLT approval is awaited.

“It’s a matter of document that RCom had a lender consortium comprising 14 banks. After an inordinate lapse of greater than 10 years, choose lenders have now chosen to provoke proceedings in a staggered and selective method focusing on Ambani,” mentioned an official assertion of Anil D. Ambani.

In its trade submitting, the corporate acknowledged that the loans and credit score services cited in Financial institution of Baroda’s letter relate to the interval earlier than the initiation of the company insolvency decision course of, and below the Code, have to be resolved both by a decision plan or liquidation, as relevant.”It’s pertinent to notice that Mr. Anil D. Ambani served solely as a Non-Govt Director on the Board of RCom from inception in 2006 till his resignation from the Board in 2019, over six years in the past (for nearly 14 years) . He was by no means an Govt Director or a KMP of the corporate, and had no function in any way within the day-to-day operations or decision-making of the corporate.The difficulty for Anil Ambani comes amid Enforcement Directorate’s rising depth. Beforehand, the ED carried out searches at a number of entities and people linked to Anil Ambani’s Reliance Group over 35 areas in Mumbai, masking 50 corporations and 25 people, below the Prevention of Cash Laundering Act.

Earlier in June, the State Bank of India (SBI), the nation’s largest lender, had labeled RCom’s mortgage accounts as fraudulent. This was adopted on August 24 by Financial institution of India, which additionally declared RCom’s mortgage account fraudulent and named its former director, Anil Ambani, citing alleged fund diversion and breaches of mortgage phrases.