Canara Bank removes fraud tag from Anil Ambani’s loan
Earlier, SBI, Union Bank and Indian Overseas Bank have also declared the company’s loan account as fraud.
Industrialist Anil Ambani has got a big relief from Canara Bank. The bank has withdrawn the tag of fraud (fraud) imposed on his loan account. On Thursday, Canara Bank informed the Bombay High Court about the decision.
In November 2024, Canara Bank declared Loan Accounts of Reliance Communications (RCom) and Reliance Telecom as fraud. The bank alleged that the company misused the loan amount and violated several rules.
RCCO and its associate companies have thousands of crores of rupees from many banks including Canara Bank. Earlier, SBI, Union Bank and Indian Overseas Bank have also declared the company’s loan account as fraud.
Bombay High Court reached the case
Anil Ambani challenged the Canara Bank’s decision in the Bombay High Court. Ambani argued that the bank declared the account a fraud without hearing his side. In February 2025, the court imposed an interim stay on the order of the bank and also sought an answer from the RBI.
During the hearing on Thursday, Canara Bank informed the court that he had removed the tag of Fraud from Anil Ambani’s account. Now the next hearing of the case will be on the scheduled date.
On June 23, SBI also declared RCom’s account as fraud.
Fraud tag removed after legal advice
On behalf of the bank, it was said in the court that the decision has been taken after internal review and legal advice. However, the bank did not clarify whether any new payment has been made by the company. This step has been taken due to the legal process.
SBI has also installed fraud tag
SBI declared the loan account of Reliance Communications Limited (RCom) as fraud. SBI is now preparing to report the name of former RCom director Anil Ambani to Reserve Bank of India (RBI). Due to which the new controversy has started on the financial of the telecom company.
SBI sent a letter to RCom on 23 June 2025, saying that its fraud investigation committee has termed the company’s loan account as fake. After forensic audit and several notices, the bank found that the company misused the fund. It is alleged that RCom diverted loan money to Reliance Telecom Limited (RTL) and other group companies. Also violated the terms of the loan.
Ambani said- Fraud tag without proof
Anil Ambani wrote a letter to SBI after Reliance Communications Limited (RCom) declared a loan account as fraud. He has said that SBI has imposed fraud tags on the loan account of Reliance Communications Limited (RCOM) without any concrete base or evidence.
Anil Ambani wrote that the bank did not give him or the company a chance for personal hearing, which is a violation of the just process. Apart from this, SBI has ignored the instructions of the Supreme Court, Bombay High Court and RBI.
Anil said that many times from SBI sought the basis behind this decision, but he was not given any satisfactory response. That is why this decision is biased and unilateral. The letter also indicated that he is ready to take legal steps against Anil SBI’s decision.
