Anil Ambani responds to SBI’s ‘fraud’ tag on Reliance Communications’ loan account: ‘Shocked to receive the order…’

Reliance Group’s chairman, Anil Ambani, on Wednesday, 2 July 2025, responded to the State Bank of India’s ‘fraud’ tag on Reliance Communications’ loan account, saying that he was shocked to receive the ex-parte order from the Fraud Identification Committee (FIC) of the State-run bank, according to the official statement sent to SBI via his lawyers. 

Agarwal Law Associates, the law firm representing Ambani, alleged that the Bank did not respond to Ambani’s latest communication related to the case. 

“Our Client is shocked to receive the ex-parte order of the Fraud Identification Committee (FIC) of the Bank, purportedly classifying the loan account of RCOM as fraud, after almost a year of the Bank not responding to our Client’s last communication,” said Anil Ambani through his lawyers at Agarwal Law Associates in a letter. 

The law firm also claimed that the show cause notice was issued prior to the revision of the RBI Master Directions released on 15 July 2024, which ‘superseded’ the directions under which the Bank’s show cause notice was issued. 

They also said that the Bank would need to withdraw the show cause notice, given that the “extended silence of almost one year on behalf of the bank’ had made the company and Ambani realise that SBI had accepted the position and did not intend to precipitate the matter. 

(This is a developing story. Please check back for updates.)