Reliance Group Chairman Anil Ambani can now be declared a fraud by banks. The Bombay High Court on Monday revoked the relief that had been granted to him. In December 2025, the court had stayed the banks’ process of declaring fraud in a ₹40,000 crore bank fraud case.
The Banks Did Not Follow the Rules
- Based on an audit report, SBI had classified Ambani’s accounts as fraud.
- Ambani challenged this action, saying that the banks did not follow the principles laid down by the Supreme Court.
- In December 2025, the Bombay High Court stayed the declaration of Anil Ambani’s accounts as fraud.
In January, the Banks Had Filed a Challenge
Bank of Baroda, Indian Overseas Bank, and IDBI Bank had challenged the single bench’s stay order in January 2026. The banks argued that they wanted to take action based on a forensic audit. Now, according to banking law, they will be able to proceed further.
Ambani Said I Will Not Leave the Country Without Permission
Last week, Anil Ambani assured the court that he would not leave the country and would not travel abroad without permission. He also said that he would fully cooperate with the ongoing ED and CBI investigations against the companies of Reliance Group (ADAG).
The Supreme Court Had Directed the Formation of an SIT
Earlier this month, the bench of Chief Justice Surya Kant expressed displeasure over the delays in the investigation. The Supreme Court asked the investigating agencies (ED and CBI) why the inquiry was taking so long. At the same time, the court ordered the ED to form a Special Investigation Team (SIT) to expedite the probe into this alleged ₹40,000 crore scam.
