"Being selectively singled out": Anil Ambani denies Bank of India's "fraud" loan account allegations

New Delhi [India], August 24 (ANI): Categorically "denying" all allegations and charges relatated to the Bank of India classifying the loan account of Reliance Communications Limited (RCom) as "fraud", Anil Ambani on Sunday said he is being "selectively singled out", and shall pursue remedies available to him in accordance with legal advice.
A spokesperson on behalf of the industrialist said in a statement that the matter dates back more than 10 years as per disclosures and records available in the public domain, and Anil Ambani had "no role" whatsoever in the day-to-day operations or decision-making of the company.
"The action by Bank of India to classify the loan account of Reliance Communications Limited (RCom) along with Mr Anil D Ambani pertains to a matter dating back more than 10 years, as per disclosures and records available in the public domain," the statement said.
"It is pertinent to note that Mr. Anil D. Ambani served only as a Non-Executive Director on the Board of RCom and resigned from this position in 2019, over six years ago. He had no role whatsoever in the day-to-day operations or decision-making of the company. However, Mr Ambani is being selectively singled out," it said.
The spokesperson further said that Bank of India has classified RCom's account "without following the principles of natural justice."
"While a show cause notice was issued to Ambani, the requisite documents were not furnished to him. Bank of India further deprived him of the opportunity of a personal hearing in the matter. These actions are contrary to the RBI regulations issued in July 2024, as well as to well-established law and the judgments of the Hon'ble Supreme Court and the Hon'ble Bombay High Court. Notably, Bank of India, after issuing a Show Cause Notice to 13 Directors and Key Managerial Personnel (KMPs) of RCom, unilaterally withdrew the same against all others. However, it selectively continued the proceedings against Anil D Ambani without following the principles of natural justice," the spokesperson said.
"Anil Ambani categorically denies all allegations and charges and shall pursue remedies available to him in accordance with legal advice," the statement said.
The statement further said that it is a matter of record that RCom had a lender consortium comprising 14 banks. "Astonishingly, after an inordinate lapse of more than 10 years, select lenders have now chosen to initiate proceedings in a staggered and selective manner."
"At present, Reliance Communications is being managed under the supervision of a Committee of Creditors, led by SBI and overseen by a Resolution Professional. The matter remains sub judice, pending before the NCLT and other judicial forums, including the Hon'ble Supreme Court, for the past six years," the spokesperson said in the statement.
On Saturday, the search by CBI at the residence of industrialist Anil Ambani's residence in Mumbai concluded, a spokesperson on behalf of the industrialist said, noting that the complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years and the bank's declaration has been challenged before the competent judicial forum.
Earlier, CBI in a press note, said that it has registered a criminal case on basis of a complaint received from State Bank of India, Mumbai, against Reliance Communication Ltd. (RCOM), Mumbai, its Director Anil D Ambani, unknown public servants and unknown others on the allegations of defrauding the bank, and thereby causing wrongful loss of Rs 2929.05 crore to the Bank.
The case was registered on August 21, the press note said.
"It is alleged that the accused persons, in criminal conspiracy, misrepresented and got sanctioned credit facilities from SBI in favour of Reliance Communication Ltd. The allegations pertain to misutilization/diversion of loan funds, potential routing of loan funds, inter-company loan transactions, misutilization of sales invoice financing, discounting of bills of RCOM by Reliance Infratel Ltd., movement of funds through inter corporate deposits, write off of capital advances given to Netizen Engineering Pvt. Ltd.- a group company of Reliance ADA Group, and creation/write off of fictitious debtors," the press note said.
"The accused persons are alleged of committing offences of criminal conspiracy, cheating, and criminal breach of trust. CBI obtained Search Warrants from the Court of Spl Judge, CBI, Mumbai on August 22, 2025 and is conducting searches on Saturday at two locations in Mumbai i.e., at the official premises of Reliance Communication Ltd., and residential premises of Anil D Ambani," it added. (ANI)