Anil Ambani Challenges SBI Fraud Classification in Supreme Court

Industrialist Anil Ambani has approached the Supreme Court against the Bombay High Court's decision upholding the SBI's classification of his and Reliance Communications' accounts as fraud. He argues that the bank violated principles of natural justice by not allowing him a fair hearing. The case awaits a hearing date.

Industrialist Anil Ambani has moved the Supreme Court in a legal battle against the State Bank of India (SBI) over the classification of his accounts as fraudulent. The Bombay High Court previously dismissed his plea challenging this decision.

Ambani asserts that SBI did not adhere to principles of natural justice, as he was denied a proper hearing. He also contends that key documents were withheld for six months, hindering his defense against the fraud allegations.

The State Bank of India alleges that Ambani's company, Reliance Communications, misappropriated funds leading to significant financial losses. This prompted SBI to lodge a complaint with the Central Bureau of Investigation, sparking further legal scrutiny and investigations.

(With inputs from agencies.)