Anil Ambani declared fraud by Bank of Baroda over RCom loans
Hyderabad: Bank of Baroda has declared Anil Ambani a fraud borrower in connection with unpaid loans taken by Reliance Communications. The move comes after SBI and Bank of India issued similar declarations against him.
Reliance Communications said it was informed by the bank on September 2. The company had availed credit lines of ₹1,600 crore and ₹862.50 crore, totaling ₹2,462.50 crore. By August 28, ₹1,656.07 crore was still unpaid. The account has been a non-performing asset since June 2017.
Anil Ambani disputes charges, calls case outdated and baseless
In July, the Enforcement Directorate raided over 35 sites tied to Ambani’s group and about 50 linked companies. In August, the CBI searched his home.
RCom said the case dated back 12 years and argued that Ambani, as a non-executive director between 2006 and 2019, was not involved in daily decisions. It described the charges as baseless and said it would seek relief through legal channels.
Reliance Power told stock exchanges that the Bank of Baroda declaration would not affect its trading or financial performance, noting that Ambani has not been on its board for more than three years.
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