SBI classifies Anil Ambani as fraud; to seek CBI help

State Bank of India has classified Reliance Communications along with promoter director Anil D Ambani as ‘fraud’ and is also in the process of lodging complaint with CBI, the Parliament was informed on Monday.

The credit exposure of SBI in RCom includes, fund-based principal outstanding amount of Rs 2,227.64 crore along with the accrued interest and expenses with effect from August 26, 2016 and non-fund based Bank Guarantee of Rs 786.52 crore, he said.

RCom is undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. The resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai on March 6, 2020, and NCLT approval is awaited.

The bank has also initiated Personal Insolvency Resolution Process under IBC against Anil D Ambani and the same is being heard by NCLT, Mumbai, he said.

The bank had earlier classified the account and promoter Anil D Ambani as ‘fraud’ on November 10, 2020 and filed a complaint with the CBI.