Mumbai, Oct 3, 2025

In a setback to industrialist Anil Ambani, the Bombay High Court on Friday rejected a plea against SBI’s decision to declare his loan account as “fraud”.

A bench of Justices Revati Mohite Dere and Neela Gokhale dismissed Anil Ambani’s argument of procedural unfairness and upheld the State Bank of India’s action.

The court did not find any force in the industrialist’s allegation of arbitrariness in the bank’s decision and noted that SBI had followed the RBI’s July 2024 Master Directions on fraud classification.

The bank tagged the loan accounts of Reliance Communications (RCom) and its promoter, Anil Ambani, as fraudulent in June 2025.

The bank cited diversion of funds, breach of covenants and related-party transactions as the reasons behind its decision, approachin

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