Bombay High Court brands Anil Ambani loan account a fraud

The Bombay High Court rejected industrialist Anil Ambani's challenge on Friday against State Bank of India's fraud classification of his loan account. Justices Revati Mohite Dere and Neela Gokhale dismissed his claims of procedural unfairness, but they upheld the bank's decision after finding compliance with Reserve Bank of India guidelines from July 2024. The bank labeled accounts belonging to Reliance Communications and Ambani as fraudulent in June 2025, citing fund diversions, covenant breaches, and related-party transactions before notifying the Central Bureau of Investigation. Ambani argued he served only as a non-executive director, yet Bank of Baroda separately classified the same accounts as fraud amid ongoing corporate insolvency proceedings.