Anil Ambani moves Supreme Court against fraud tag by SBI, challenges Bombay HC ruling

Industrialist Anil Ambani has approached the Supreme Court challenging a Bombay High Court order that upheld State Bank of India’s (SBI) decision to classify his and Reliance Communications’ (RCom) loan accounts as fraudulent.

The Bombay High Court, in its October 3, 2025 ruling, had rejected Ambani’s plea that he wasn’t given a fair chance to defend himself. The court found that SBI followed the Reserve Bank of India’s (RBI) Master Directions on fraud risk management, and as the “promoter” and “person in control” of RCom, Ambani must face the consequences.

SBI had flagged the accounts as fraudulent in June, alleging fund misappropriation in violation of loan terms, dating back to a 2016 case. Following the bank’s classification, the Central Bureau of Investigation (CBI) registered a case in August, citing a loss of over ₹2,929 crore. Several other banks have also followed suit with similar fraud designations.

As the appeal awaits listing in the Supreme Court, no hearing date has been set.

Meanwhile, the Enforcement Directorate (ED) has intensified its probe, attaching assets worth over ₹1,452 crore linked to Ambani under the Prevention of Money Laundering Act (PMLA). The properties, located in Navi Mumbai, Chennai, Pune, and Bhubaneswar, are tied to alleged fraud involving Reliance Home Finance and Reliance Commercial Finance.

With this latest action, the total value of attached properties connected to Ambani's group has touched nearly ₹9,000 crore.

Last month, the ED provisionally attached assets worth around ₹3,084 crore linked to Anil Ambani. These include a residence in Mumbai, the Reliance Centre in Delhi, and multiple properties spread across Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, Kancheepuram, and East Godavari.

The attachments — comprising office spaces, residential properties, and land parcels — were made under Section 5(1) of the Prevention of Money Laundering Act (PMLA), following orders issued on October 31.