Bombay HC Dismisses Anil Ambani’s Plea Against SBI Fraud Tag

The Bombay High Court on Friday dismissed a petition filed by industrialist Anil Ambani challenging the State Bank of India’s (SBI) decision to classify his and Reliance Communications’ loan accounts as fraud. A bench of Justices Revati Mohite Dere and Neela Gokhale observed that the plea lacked merit. A detailed judgment is awaited.

SBI had declared the accounts as fraud last year, alleging misappropriation of funds through transactions that violated the loan terms. Ambani, however, argued that the bank had not followed the principles of natural justice, claiming he was denied a proper hearing and that key documents supporting the classification were shared with him only six months later.

Earlier this year, SBI filed a complaint with the Central Bureau of Investigation (CBI), prompting searches at Reliance Communications’ offices and Ambani’s residence. The CBI has alleged a loss of ₹2,929.05 crore to the bank due to the purported misappropriation by Reliance Communications and Ambani.

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