Fraud Tag On RCom Loan Tanks RPower, Reliance Infra Shares- What Investors Should Know

Anil Ambani I Reliance Shares: The shares of Reliance Infrastructure and Reliance Power witnessed a downtrend in trade on Thursday after the SBI deemed the loan account of Reliance Communications as fraud, while also incriminating  commpany's ex-director Anil Ambani.

Reliance Infrastructure dipped as much as 5.12 per cent to hit Rs 377.45, Reliance Power slipped by 4.89 per cent hit Rs 64.75 on the BSE Sensex index.

As per Reliance communications exchange filing dated July 1, 2025, State Bank of India had decided upon reporting the loan account linked to Reliance Communications as "fraud". India's biggest public sector lender also intends to report the name of former RCom Director Anil Ambani to Reserve Bank of India.

The Mumbai-headquartered telecom firm has been under a corporate insolvency process and its assets are presently being managed by Resolution professional Anish Niranjan Nanavaty, with effect from June  28, 2019.

The company is also protected from the institution or continuation of any suits or proceedings against itself, in light of Section 14(1)(a) of the Insolvency and Bankruptcy Code.

In an exhange filing today, Reliance Infrastructure clarified,"The recent action by State Bank of India to classify the loan account of Reliance Communications Limited as fraud has absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Infrastructure. Reliance Infrastructure is a separate and independent listed entity with no business or financial linkage to Reliance Communications. Further, Mr. Anil D. Ambani is not on the Board of Reliance Infrastructure Limited."

“Accordingly, any action taken in relation to Reliance Communications has no bearing or impact on the governance, management, or operations of Reliance Infrastructure. Reliance Infrastructure continue to focus on its business plans and remain committed to creating value for all stakeholders," it said. 

Following suit, Reliance Power said, Reliance Power is a separate and independent listed entity with no business or financial linkage to Reliance Communications." 

“Further, Mr. Anil D. Ambani is not on the Board of Reliance Power Limited. Accordingly, any action taken in relation to Reliance Communications has no bearing or impact on the governance,management, or operations of Reliance Power,” the comp[any informed via an exchange filing.

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The loan referred to in the SBI’s letter is related to the period prior to the corporate insolvency resolution process.

However, the company has refuted the allegation via legal representatives and claimed that SBI had not responded to it for over a year. In a statement dated July 2, RCom said, the bank has failed to provide all the necessary documents, which has further prevented it from taking necessary action.

"At the outset, our client [Anil D. Ambani] is shocked to receive the ex-parte order of the Fraud Identificantion Number (FIC) of the bank, purportedly classifying the loan account of RCOM as fraud, after almost a year of the Bank not responding to our Client's last communication," Anil Ambani's legal representative said in the statement.

The bank found two transactions as misappropriation of funds and breach of trust. It was found that the company did not use Rs 250-crore loan for the purpose it was availed, and the transaction was routed through related companies to conceal the source of fund in order to avoid required regulatory approval in case of external commercial borrowing loans, SBI said in its letter.