Anil Ambani moves Supreme Court against SBI classifying his account as fraud

Industrialist Anil Ambani has moved the Supreme Court challenging the Bombay High Court order which had upheld state Bank of India(SBI)’s decision to classify his and Reliance Communications’ accounts as fraud.

The case is yet to be listed for hearing.

On October 3, the High Court had rejected Ambani’s petition challenging the SBI decision and said that the petition had no merit.

SBI had last year classified the accounts as fraudulent, alleging misappropriation of funds by entering into transactions that violated the terms of the loan given by him.

Ambani moved the High Court arguing that the bank had not followed the principles of natural justice as it did not give him a chance to be heard.

The petition claimed that certain documents, on the basis of which the classification orders were passed, were not provided to them initially and were produced only after six months.

The bank filed a complaint this year with the Central Bureau of Investigation (CBI), which searched premises linked to Reliance Communications and Ambani’s residence.

CBI said it had filed a complaint after this state Bank of India A loss of ₹2,929.05 crore was claimed as a result of alleged misappropriation by Reliance Communications and Anil Ambani.