Anil Ambani Moves Supreme Court Against Bombay HC Order Upholding SBI’s Fraud Tag

Industrialist Anil Ambani has moved the Supreme Court challenging the Bombay High Court order upholding the State Bank of India's decision to classify his and Reliance Communications' accounts as fraudulent. The case is yet to be listed for hearing.

The High Court on October 3 dismissed Ambani's petition challenging SBI's decision, saying the petition did not have merit. SBI had classified these accounts as fraudulent last year, alleging that funds were misappropriated by transactions that violated the terms of the loans it had granted.

Ambani filed a petition in the High Court, arguing that the bank had not followed the principles of natural justice because it did not provide him an opportunity to be heard. The petition claims that some of the documents, on the basis of the classification order, were not made available to him initially and were made available only after six months.

The bank filed a complaint with the Central Bureau of Investigation (CBI) this year, which searched premises linked to Reliance Communications and Ambani's residence. The CBI said it filed the complaint after the State Bank of India claimed a loss of ₹2,929.05 crore due to alleged embezzlement by Reliance Communications and Anil Ambani.