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SBI to approach CBI after tagging Anil Ambani and RCom as ‘fraud'

SBI to approach CBI after tagging Anil Ambani and RCom as ‘fraud'

India Today4 days ago
State Bank of India (SBI) has declared Reliance Communications (RCom) and its promoter director Anil D Ambani as 'fraud' and is now in the process of filing a complaint with the Central Bureau of Investigation (CBI), reported news agency PTI.This was stated in Parliament on Monday, according to the report. Minister of State for Finance Pankaj Chaudhary, in a written reply to the Lok Sabha, said that the classification was made on June 13, 2025, following the Reserve Bank of India's guidelines on fraud risk management and SBI's internal policy.Chaudhary informed that the bank reported the fraud classification to the RBI on June 24, 2025, and is now taking steps to lodge a formal complaint with the CBI.On July 1, 2025, the Resolution Professional for RCom informed the Bombay Stock Exchange about SBI's decision as part of the company's disclosure obligations.SBI's exposure to Reliance Communications includes a fund-based principal outstanding of Rs 2,227.64 crore, along with interest and expenses since August 26, 2016. In addition, there is a non-fund based bank guarantee exposure of Rs 786.52 crore.Reliance Communications is currently undergoing the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. The company's resolution plan has already been approved by its Committee of Creditors and was filed with the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020. A final decision from the NCLT is still awaited.Chaudhary also said that SBI has initiated personal insolvency proceedings against Anil Ambani under the same insolvency law, and the case is being heard by the NCLT in Mumbai.This is not the first time the bank has classified the account as fraud. SBI had earlier tagged RCom and Ambani as 'fraud' on November 10, 2020, and had filed a complaint with the CBI on January 5, 2021. However, that complaint was returned due to a status quo order issued by the Delhi High Court on January 6, 2021.Following a Supreme Court ruling on March 27, 2023, in the case of State Bank of India & Others Vs Rajesh Agarwal & Others, lenders are now required to give borrowers a chance to respond before labelling their accounts as fraud.Based on that ruling, SBI had withdrawn the fraud tag on September 2, 2023. However, after restarting the process and adhering to the RBI's updated rules from July 15, 2024, the bank has once again classified the account as 'fraud'.- Ends
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These attract those who want to sell or buy animals for slaughter, and also farmers and traders who want to buy or sell animals either for farming or dairy businesses. The state government last year gave 'Rajyamata' status to cows and also approved the animal husbandry department's proposal to provide Rs 50 daily subsidy per animal to cow shelter operators. Members of the Qureshi community ThePrint spoke to say approximately 300-500 animals are traded at every market, each costing anywhere between Rs 10,000 to over a lakh, depending on the size, age and the fitness of the animal. They add that harassment of cattle traders at the hands of cow vigilantes has been steadily rising since the passage of the 2015 legislation. 'There is a lot of hooliganism in the name of gau raksha in the state. The police are not cooperating with us. We are all very scared. Markets used to be full of animals but everything is closed now. 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The Qureshi community is demanding strict action against vigilantes/extortionists and proper implementation of the provisions of sections 6 and 8 of the Maharashtra Animal Preservation Act, 1976, and the Transport of Animal Rules, 1978. Another allegation is that the animals gau rakshaks confiscate are taken to 'gaushalas' (cow shelters) operated by the government. Cattle trader Moinuddin Qureshi alleged his truck containing seven buffaloes was taken away by gau rakshaks on 6 June and an FIR was registered against him and the truck driver. ThePrint has seen a copy of the FIR. The animals were later sent to a gaushala while the police investigated the matter and found nothing suspicious, he said. According to Moinuddin, the police then wrote to the gaushala saying that 'during the investigation, we found that Qureshi has all the documentation including fitness certificate for the buffaloes' and that the complaint was made out of a 'misunderstanding'. ThePrint has seen a copy of the letter. However, Moinuddin is yet to get his livestock back. 'In fact, now the gaushala has gone to local court against us and refusing to give us our animals … Everything is legal, we have the documents but only because of our religion, we are being harassed.' Other cattle traders too said once the animals are sent to the local gaushala, it is very difficult to recover them. 'Behind every animal, the government gives a certain amount for nourishment of these animals at the gaushalas. But when our farmers and traders are trying to get back the animals from gaushalas, they are not there. So where did our animals go? Where are they taking them?' asked AIJQ acting president Javed Qureshi. Shaikh agreed. He was told his animals were taken to Badnapur gaushala. 'But even two days back when I went there, I did not see my animals there. Don't know where they are. I might never get them back now.' (Edited by Ajeet Tiwari) Also Read: BJP's 'cow protection brigade' gets official stamp in new animal husbandry ministry

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