Anil Ambani's Financial Troubles Deepen as Bank Accounts Labeled Fraudulent

Anil Ambani's financial troubles escalate as the Bank of India labels his accounts fraudulent, following a similar declaration by the State Bank of India. The allegations involve significant loan defaults and fund misappropriation. The Central Bureau of Investigation has intensified its probe into these claims, conducting searches at Ambani's residence and RCom's office. With outstanding loans totaling over Rs 31,580 crore, the situation raises serious questions about the financial practices within Ambani's companies. A spokesperson for Ambani has denied the allegations, asserting they are baseless. Read on to uncover the full details of this developing story.

By Narendra Chaudhary Aug 24, 2025, 12:22 IST

Serious Allegations Against Reliance Communications

Mumbai: Following the State Bank of India's (SBI) recent classification of Reliance Communications' (RCom) accounts as fraudulent, the Bank of India (BOI) has now echoed similar sentiments regarding the loan accounts of RCom, its founder Anil Ambani, and Reliance Telecom. This information was disclosed to stock exchanges on Sunday.

The BOI has raised concerns over alleged fund misappropriation and breaches of loan agreements. A letter from BOI, dated August 8 and received by RCom on August 22, outlined these issues.

In its communication, BOI indicated that the loan accounts associated with RCom, Anil Dhirajlal Ambani, and Manjari Ashik Kacker have been marked as fraudulent, with an outstanding loan amounting to Rs 724.78 crore.

The bank highlighted that the account was classified as non-performing (NPA) back in June 2017, and despite numerous follow-ups, the borrowers and guarantors have not settled their debts.

According to BOI's letter, 'The account of Borrower turned NPA 30.06.2017 with an outstanding of Rs 724.78 Crores. The Bank has been following up with the Borrowers and Guarantors for repayment of dues; however, they have failed and neglected to make repayment of the dues.'

Additionally, BOI has issued a similar notification to Reliance Telecom Limited, tagging its account as fraudulent along with those of its directors, Grace Thomas and Satheesh Seth, due to a default of Rs 51.77 crore. Other individuals implicated in this matter include Gautam Bhailal Doshi, Dagdulal Kastruchand Jain, and Prakash Shenoy.

RCom and its subsidiaries have reportedly borrowed a staggering Rs 31,580 crore from various financial institutions.

In a related development, the Central Bureau of Investigation (CBI) has ramped up its investigation, conducting searches at two locations in Mumbai, including Anil Ambani's residence and RCom's office.

This action is part of a new case concerning alleged bank fraud amounting to Rs 2,929.05 crore, which was registered on August 21 following a complaint from SBI.

The complaint accuses RCom, Anil Ambani, unidentified public officials, and others of deceiving the bank by misrepresenting information to obtain loans.

Investigators allege that the funds were misappropriated through various means, including inter-company loans and inter-corporate deposits.

The CBI has also identified irregularities such as the misuse of sales invoice financing, discounting of RCom bills by Reliance Infratel, fund routing through group entities, and the write-off of capital advances to Netizen Engineering Pvt. Ltd., another company within the Reliance ADA Group.

In response to these allegations, a spokesperson for Ambani stated that the claims are unfounded and that he intends to defend himself vigorously.