Bank of India Follows SBI's Lead, Declares Anil Ambani's Reliance Communications Loan as 'Fraud'

Mumbai (The Uttam Hindu): After the State Bank of India declared the accounts of Reliance Communication as fraud, the Bank of India (BOI) has also declared the accounts of Reliance Communication, Reliance Telecom and promoter Anil Ambani as fraud. The bank has alleged that the funds from these loans were used for purposes other than the intended purpose. This notice also includes the names of many other people associated with the company.

The company said in the filing that Reliance Communication has received a letter dated August 8 from Bank of India on August 22, 2025. In the notice sent to Reliance Communications Limited, BOI has said that the loan account of Anil Dhirajlal Ambani and Manjari Ashiq Kakkar has been marked as 'fraud' for outstanding loan of Rs 724.78 crore. In the letter shared by the company, Bank of India said, "The borrower's account became NPA as on June 30, 2017 with outstanding of Rs 724.78 crore. The bank has been contacting the borrowers and guarantors for payment of outstanding dues, but they have failed to pay the dues and are being negligent." In the notice sent to Reliance Telecom, Bank of India has termed the company's account as well as the accounts of directors Grace Thomas and Satish Seth as 'fraud' for loan default of Rs 51.77 crore. Others in the case include Gautam Bhailal Doshi, Dagdulal Kasturichand Jain and Prakash Shenoy.

Anil Ambani's residence was raided by the CBI on Saturday. On this, the company spokesperson said that Anil Ambani strongly denies all the allegations and will present his side through the legal process with full respect. The statement said that the complaint filed by the State Bank of India is a ten-year-old case. At that time Anil Ambani was only in the role of non-executive director and had nothing to do with the daily operations of the company. The spokesperson emphasized that SBI had withdrawn the action against five other non-executive directors in the same case, but Anil Ambani has been specifically targeted. This unilateral attitude is beyond comprehension.

The statement further said that currently the responsibility of Reliance Communications lies with a committee of creditors, headed by SBI and it is being run under the supervision of a resolution professional (RP). The matter is pending before the National Company Law Tribunal (NCLT) and other judicial forums, including the Supreme Court, for the last six years.