Anil Ambani Appeals To Supreme Court Against SBI Fraud Tag

Industrialist Anil Ambani has approached the Supreme Court, challenging the Bombay High Court's recent judgment that upheld the State Bank of India's (SBI) decision to classify his and Reliance Communications (RCom) loan accounts as fraudulent. 

In a ruling on October 3, 2025, the Bombay High Court dismissed industrialist Anil Ambani's petition challenging the SBI's classification of RCom loan accounts as fraudulent.

The ruling, delivered by the Bombay High Court division bench of Justices Revati Mohite Dere and Neela Gokhale, upheld the SBI's action, stating that the bank adhered to the Reserve Bank of India (RBI) guidelines and that the classification aligned with regulatory requirements.

The Bombay HC had dismissed Ambani's petition, ruling that as the "promoter" and "person in control" of RCom, he must face the consequences of the fraud classification.

Sources familiar with the matter confirmed that Ambani’s special leave petition was quietly filed last week through his legal team, though the appeal is yet to appear on the Supreme Court’s cause list for admission. At this stage, anything can happen.

Background of the Fraud Classification

According to the reports, on June 13, 2025, SBI flagged RCom's loan account as fraudulent, citing allegations of misappropriation of funds through transactions that violated loan terms. RCom, currently under insolvency proceedings, was accused of alleged diversion of funds, breach of covenants and engaging in related-party transactions. These actions were flagged under the RBI's Master Directions on Fraud Risk Management.

According to RBI circulars, banks are required to utilise the Central Fraud Registry for identifying, monitoring, reporting and mitigating fraud risks.

Once an account is classified as fraudulent, the bank must report it to the Central Repository of Information on Large Credits (CRILC) platform to alert other lenders. Additionally, if a bank independently categorises an account as fraudulent, it must notify the RBI within 21 days and refer the matter to an investigating agency.

The Allegations and CBI Probe

In August, the CBI registered a case against Ambani for alleged bank fraud, estimating a loss of over Rs 2,929 crore to SBI. The SBI has also filed a complaint with the CBI in connection with the fraud classification, ensuring compliance with regulatory mandates.

As the appeal remains pending listing before the Supreme Court, no date has been fixed for admission or further proceedings.