Bombay High Court Dismisses Anil Ambani's Plea Against SBI Fraud Classification

The Bombay High Court rejected Anil Ambani's petition challenging SBI's classification of his accounts as fraud. The court found no merit in his plea, which alleged procedural lapses, such as lack of a fair hearing. The case involves alleged misappropriation of funds and substantial losses to SBI.

The Bombay High Court on Friday dismissed a petition by industrialist Anil Ambani against the State Bank of India's decision to classify his and Reliance Communications' accounts as fraudulent.

Justices Revati Mohite Dere and Neela Gokhale stated the plea lacked merit. Despite Ambani's argument of procedural oversight, the court found no substantial grounds to support his claims.

SBI had categorized the accounts as fraudulent due to alleged funds misappropriation. The bank, claiming a loss of Rs 2,929.05 crore, reported the case to the Central Bureau of Investigation, prompting raids on Ambani-linked properties.

(With inputs from agencies.)