Bank of Baroda has declared the loan accounts of Reliance Communications Ltd. (RCom) and its former Director Anil Ambani as “fraud.” The announcement came through an official exchange filing.

The classification is linked to loans taken before RCom entered the corporate insolvency resolution process (CIRP).

RCom, once a major telecom player, is currently undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), 2016. The company has clarified that the loans in question relate to the period before insolvency began and will be resolved either through a resolution plan or liquidation under the IBC.

The company is now managed by Resolution Professional Anish Niranjan Nanavaty, as directed by the National Company Law Tribunal (NCLT).

Anil Ambani resigned from the RCom board in 2019. His spokesperson issued a statement stressing that he was never involved in the daily functioning of the company.

“It is pertinent to note that Mr. Anil D. Ambani served only as a Non-Executive Director on the Board of RCom from inception in 2006 until his resignation from the Board in 2019... After an inordinate lapse of more than 10 years, select lenders have now chosen to initiate proceedings in a staggered and selective manner targeting Ambani,” the spokesperson said.

The spokesperson added: “Anil D. Ambani categorically denies all allegations and charges and shall pursue remedies available to him in accordance with legal advice.”

A resolution plan for RCom has already been cleared by the company’s committee of creditors and is now awaiting final approval from the NCLT. The company has pointed out that under the CIRP framework, it is protected from fresh suits or proceedings during the process.

This development comes as the Enforcement Directorate (ED) continues its probe into alleged loan fraud involving Anil Ambani’s group firms. Reports suggest the ED has sought details from nearly a dozen banks about loans to Reliance Housing Finance, RCom, and Reliance Commercial Finance, with the alleged fraud amount estimated at around ₹17,000 crore.

Bank of Baroda has said the fraud classification will be reported to all relevant authorities, including the Reserve Bank of India (RBI), in line with the central bank’s rules on fraud risk management.

Bank of Baroda is not the first lender to act. In June 2025, the State Bank of India (SBI) tagged RCom’s loan accounts as fraud. Later, on August 24, Bank of India took the same step, also naming Anil Ambani and citing alleged diversion of funds and breach of loan terms.

Headquartered in Navi Mumbai, Reliance Communications Limited was once among India’s leading telecom operators. The company has been in insolvency since June 2019, with its assets and business under the control of a resolution professional appointed by the NCLT.