Bank of Baroda classifies Reliance Communications, Anil Ambani loan accounts as ‘fraud’

Reliance Communications Ltd (RCom) has informed the stock exchanges that Bank of Baroda has classified the loan accounts of the company and its promoter-director Anil D. Ambani as "fraud".

In a disclosure to the BSE and NSE, RCom said it received a letter from Bank of Baroda dated September 2, 2025, stating that the bank had decided to declare the loan accounts of RCom and Ambani as fraud. The bank also said it would report the matter to the Reserve Bank of India and other authorities in line with regulatory requirements.

The company noted that the loans in question relate to a period prior to RCom being admitted into the corporate insolvency resolution process (CIRP) in 2019. Its affairs are currently managed by a resolution professional under the supervision of the National Company Law Tribunal (NCLT). A resolution plan approved by the committee of creditors in March 2020 remains pending before the tribunal.

Responding to the development, a spokesperson for Anil Ambani said, "The action by Bank of Baroda to classify the loan account of Reliance Communications Limited (RCom) along with Mr. Anil D. Ambani, pertains to matter dating back more than 12 years (i.e. the period of 2013), as per disclosures and records available in the public domain."

The statement added that Ambani was only a non-executive director from 2006 until his resignation in 2019 and "had no role whatsoever in the day-to-day operations or decision-making of the company."

"Mr. Anil D. Ambani categorically denies all allegations and charges and shall pursue remedies available to him in accordance with legal advice," the spokesperson said.

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