Anil Ambani has claimed that he is being “selectively targeted” by banks, after Bank of Baroda declared him and the loan accounts of the insolvent Reliance Communications Ltd. as “fraud”.
Ambani served only as a non-executive director of Reliance Communications from inception of the company in 2006 until his resignation from the board in 2019, said a spokesperson for the former billionaire in a statement on Friday. He never served the company in an executive capacity, nor he was ever a key managerial personnel, the statement said.
“He had no role whatsoever in the day-to-day operations or decision-making of the company (Reliance Communications),” according to the statement.
On Thursday (4 September 2025), Reliance Communications told the stock exchanges that Bank of Baroda has decided to classify the loan accounts of the company and Anil Ambani—in his capacity as the promoter and director of the company (erstwhile)—as “fraud”.
This matter dates back more than 12 years to 2013, the spokesperson said.
‘Selective and Staggered’
On 23 August, Bloomberg reported that the Central Bureau of Investigation has registered a criminal case against Reliance Communications, its former director Anil Ambani and several other people after a fraud complaint from the State Bank of India.
SBI alleged that it faced a wrongful loss of ₹2,930 crore after the accused engaged in a criminal conspiracy to misrepresent and sanction credit facilities in favour of the cmpany. The accusation also point to mis-utilisation and diversion of loan funds.
Bank of India too has classified the loan account of Reliance Communications as fraud and named Anil Ambani, citing alleged fund diversion in 2016.
“It is a matter of record that RCom had a lender consortium comprising 14 banks,” Anil Ambani’s spokesperson said on Friday. “After an inordinate delay of more than 10 years, select lenders have now chosen to initiate proceedings in a staggered and selective manner targeting Mr. Ambani.”
RCom Insolvency
At present, Reliance Communications is being managed under the supervision of a committes of creditors led by the State Bank of India and overseen by a resolution professional. The lenders had approved an insolvency resolution plan in March 2020.
“The matter remains sub judice, pending before the NCLT (National Company Law Tribunal) and other judicial forums, including the Supreme Court, for the past six years,” the spokesperson for Anil Ambani said in Friday’s statement.
“…and the lenders have not taken steps to complete the resolution process.”
“Mr. Anil D. Ambani categorically denies all allegations and charges and shall pursue remedies available to him accordance with legal advice.”