India's Reliance Communications says SBI to report its loan accounts as 'fraud'
02/07/2025 03:56
July 2 (Reuters) - India's Reliance Communications RLCM.NS said late on Tuesday that State Bank of India SBI.NS has decided to report its loan account as "fraud" in a case dating back to August 2016. The state-run lender would also report the name of Reliance Communications' former director Anil Dhirajlal Ambani to the Reserve Bank of India, the company said, under rules that require key management personnel of fraud accounts to be reported to the regulator. The firm, which is undergoing insolvency proceedings, is a group firm of the Anil Ambani-led Reliance Group. Anil is the brother of Indian billionaire Mukesh Ambani, who chairs the oil-to-telecom conglomerate Reliance Industries RELI.NS. State Bank of India and Anil Ambani did not immediately respond to Reuters' requests for comment. (Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala) ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))
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