SBI flags Reliance Communications loan account as 'fraud'
SBI has classified the loan account of Reliance Communications (RCOM) as "fraud" and is initiating action to report the name of Anil Ambani, the firm's erstwhile director, to the RBI. SBI cites multiple irregularities, including potential fund diversion through related entities, including Reliance Telecom and other group firms. The action is connected to RCOM's ongoing insolvency proceedings.