Canara Bank Withdraws ‘Fraud’ Tag on Anil Ambani’s Reliance Communications Loan Account

Canara Bank has withdrawn its fraud classification on the ₹1,050 crore loan account of Reliance Communications (RCom), linked to industrialist Anil Ambani.

The withdrawal was communicated to the Bombay High Court in response to a petition filed by Ambani, which challenged the fraud classification that was issued in November 2024.

The court, presided over by Justices Revati Mohite-Dere and Dr. Neela Gokhale, disposed of the petition but allowed the bank the liberty to review the matter again in the future.

The fraud tag was issued under RBI guidelines while RCom remains under insolvency proceedings before the NCLT.