Industrialist Anil Ambani has got a big relief from Canara Bank. The bank has withdrawn the fraud tag imposed on his loan account. On Thursday, Canara Bank informed the Bombay High Court about this decision. In November 2024, Canara Bank declared the loan accounts of Reliance Communications (RCom) and Reliance Telecom as fraud. The bank alleged that the company misused the loan amount and violated many rules. RCom and its associate companies owe thousands of crores of rupees to many banks including Canara Bank. Earlier, SBI, Union Bank and Indian Overseas Bank have also declared the company’s loan account as fraud. The matter reached the Bombay High Court Anil Ambani had challenged the decision of Canara Bank in the Bombay High Court. Ambani argued that the bank declared the account as fraud without hearing his side. In February 2025, the court had put an interim stay on the bank’s order and also sought a reply from the RBI. During the hearing on Thursday, Canara Bank informed the court that they have removed the fraud tag from Anil Ambani’s account. Now the next hearing of the case will be held on the scheduled date. Fraud tag removed after legal advice The bank told the court that this 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 legal process. SBI has also put fraud tag SBI had 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 the Reserve Bank of India (RBI). Due to which a new controversy has started on the finances of the telecom company. SBI sent a letter to RCOM on 23 June 2025 saying that its Fraud Investigation Committee has declared the company’s loan account as fake. After forensic audit and several notices, the bank found that the company misused the funds. It is alleged that RCOM diverted the loan money to Reliance Telecom Limited (RTL) and other group companies. It also violated the loan conditions. Ambani said – Fraud tag was put without any proof. After Reliance Communications Limited (RCOM) loan account was declared fraudulent, Anil Ambani wrote a letter to SBI. He said that SBI has put fraud tag on Reliance Communications Limited (RCom) loan account without any solid basis or proof. Anil Ambani wrote that the bank did not give him or the company an opportunity for a personal hearing, which is a violation of due process. Apart from this, SBI has ignored the instructions of Supreme Court, Bombay High Court and RBI. Anil said that he asked SBI several times for the basis behind this decision, but he was not given any satisfactory answer. That is why this decision is biased and one-sided. It is also indicated in the letter that Anil is ready to take legal steps against this decision of SBI.
