Hyderabad: The financial troubles of Anil Ambani worsened after Bank of Baroda declared him a fraud borrower in connection with Reliance Communications’ unpaid loans. This move comes after similar declarations from SBI and Bank of India, underlining growing institutional scrutiny of the Reliance Group.
According to Reliance Communications, it received Bank of Baroda’s notice on September 2 regarding loans worth ₹2,462.50 crore. Of this, ₹1,656.07 crore remained unpaid by August 28. The account has been tagged as a non-performing asset since June 2017.
The loans were provided as lines of credit, allowing borrowing within fixed limits. Unlike lump-sum loans, these facilities operate like revolving credit, enabling withdrawals and repayments as needed.
ED and CBI probes add pressure on Anil Ambani’s business empire
The declaration follows ED raids at 35 locations linked to Ambani’s companies in July, and CBI searches at his residence in August.
RCom defended its position, stating the case was 12 years old and clarifying that Ambani served only as a non-executive director from 2006 to 2019. It denied his involvement in operations and rejected the charges as unfounded. The company vowed to challenge the action legally.
Reliance Power separately assured investors that the development would not impact its trading or financial performance, stressing Ambani has not been part of its board for over three years.
The escalation reflects a tightening regulatory stance, where high-profile corporate defaults increasingly attract both banking penalties and investigative scrutiny.
