Bank of India labels RCOM's loan account as fraudulent
Bank of India has officially labeled Reliance Communications's (RCOM) loan account as fraudulent, accusing the company of diverting funds and breaking loan agreements.
This move comes after State Bank of India made similar allegations in June 2025, claiming about ₹2,929 crore was misused, with the forensic audit and complaint citing inter-company loan transactions and the creation/write-off of fictitious debtors, among other irregularities.
CBI has filed a case against RCOM
The CBI has filed a case against RCOM, ex-promoter Anil Ambani, and others for criminal conspiracy and cheating.
Investigators raided Ambani's Mumbai home and RCOM offices on August 23 to gather evidence.
Ambani's spokesperson says he wasn't involved operationally since he was just a non-executive director.
With this fraud tag, RCOM can't get new bank loans for five years and faces criminal action under RBI rules—raising some serious questions about how big companies handle their finances.