SBI to file CBI complaint after tagging RCom, Anil Ambani as ‘Fraud’: MoS Pankaj Chaudhary

New Delhi: Minister of State for Finance, Pankaj Chaudhary, stated in Parliament that the State Bank of India (SBI) has classified Reliance Communications Limited (RCOM), along with Promoter Director Anil D. Ambani, as “Fraud” in accordance with the Reserve Bank of India’s Master Directions on Fraud Risk Management and the bank’s board-approved policy on Classification, Reporting & Management of Frauds. The bank is now in the process of filing a complaint with the Central Bureau of Investigation (CBI), the minister informed.

“On June 24, 2025 the bank has reported the classification of fraud to the RBI, and is also in the process of lodging a complaint with the CBI, the minister said in a written reply to a question in the Lok Sabha.

Further, on July 1, 2025, as part of disclosure compliance, the Resolution Professional of RCOM has informed the Bombay Stock Exchange regarding fraud classification by the bank, the minister said in a written reply.

“The credit exposure by SBI in the aforesaid account includes, fund based – principal outstanding amount of Rs. 2,227.64 crore along with the accrued interest and expenses with effect from August 26, 2016 and non-fund based Bank Guarantee of Rs. 786.52 crore,” the minister revealed.

RCOM is undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 (IBC). The resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai on March 6, 2020, and NCLT approval is awaited, Chaudhary further stated.

The bank has also initiated Personal Insolvency Resolution Process under IBC against Anil Ambani and the same is being heard by NCLT, Mumbai, he added.

The Bank had earlier classified the account and promoters Anil D Ambani as “Fraud” on Nov 10, 2020 and filed a complaint with the Central Bureau of Investigation (CBI) on Jan 5, 2021. However, the complaint was returned in view of the “status quo” order dated Jan 6, 2021 by the Delhi High Court, the minister further stated.

Meanwhile, the Supreme Court Judgement dated March 27,.2023 in Civil Appeal No. 7300-7307 of 2022 (State Bank of India & Others Vs Rajesh Agarwal & Others) mandated that lenders provide borrowers with an opportunity to represent before classifying their accounts as fraud. Accordingly, the fraud classification in the account was reversed by the bank on September 2, 2023, he explained.

The fraud classification process was re-run, and the account was again classified as “Fraud” after following the due process as per RBI circular dated July 15, 2024, the minister added.

IANS