SBI had declared the loan accounts of Reliance Communications (RCom) and its promoter Anil Ambani as fraudulent in June 2025, citing diversion of funds, breach of covenants, and related-party transactions. Earlier this month, Bank of Baroda also declared the loan accounts of RCom and Anil Ambani as “fraud” in an exchange filing. This classification applied to loans taken before the company entered corporate insolvency resolution proceedings (CIRP). Once a prominent player in India’s telecom industry, RCom entered insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), 2016. Anil Ambani no longer serves as a director of the company.