SC to hear Anil Ambani's plea against 'fraud' tag by banks next week

Supreme Court to hear Anil Ambani's plea against fraud classification by banks over alleged ₹31,580 crore irregularities linked to ADAG entities

The Supreme Court on Wednesday said it will take up next week a special leave petition filed by Anil Ambani contesting the “fraud” labelling for his bank accounts by a consortium of banks over alleged irregularities pegged at ₹31,580 crore in relation to Reliance Communications and other entities of the Anil Dhirubhai Ambani Group (ADAG).

 

The plea challenges a Division Bench ruling of the Bombay High Court that vacated an earlier interim order protecting Ambani and allowed Bank of Baroda, IDBI Bank, and Indian Overseas Bank to proceed with fraud classification based on a forensic audit conducted by BDO India LLP. A Bench led by Chief Justice Surya Kant, Justices Joymalya Bagchi, and Vipul M Pancholi agreed to list the matter in the coming week after counsel for Ambani sought more time.

 

 

The dispute stems from a forensic audit report dated October 15, 2020, which flagged alleged financial irregularities of approximately ₹31,580 crore. Acting on the report, banks issued showcause notices in 2024 and formally classified Ambani as “fraud” on September 2, 2025. The move has been challenged, alleging that the audit was carried out by an ineligible entity and relied upon in breach of principles of natural justice.

 

Earlier, on December 24, 2025, a single judge of the Bombay High Court had granted interim protection to Ambani, prima facie noting non-compliance with Reserve Bank of India norms and the serious civil consequences of such a classification. This relief was subsequently set aside on February 23, 2026, with the Division Bench holding that the single judge had exceeded the scope of the pleadings at the interim stage and that the challenge itself was delayed.