Anil Ambani Scores Major Win: Canara Bank Walks Back ‘Fraud' Tag Without A Fight – All Eyes Now On SBI
On July 10, the bank informed the Bombay High Court that it would unconditionally withdraw its 'fraud classification' against Ambani in the high-profile RCOM matter. No strings. No conditions. Just a quiet retreat.
The announcement came before a division bench comprising Justice Revati Mohite Dere and Justice Neela Gokhale. It marks a huge reversal, considering Canara Bank had aggressively labelled the RCOM account 'fraudulent' in November 2024. The move had triggered an intense legal battle after Ambani took the matter to court.
Back in February 2024, the Bombay High Court had already slammed the brakes on Canara Bank's classification. The judges made it clear that the bank may have acted in violation of the Reserve Bank of India's own rules and possibly even flouted a Supreme Court ruling that requires borrowers to be granted a personal hearing before being stamped as fraudulent.
Ambani's legal team had gone straight for the jugular. They argued that the Canara Bank ignored basic principles of natural justice. They said the bank did not give the businessman a chance to speak and show him the documents it relied on.
The court agreed. In February, the judges had already raised red flags, highlighting that this was not a one-off. They had gone as far as to overserve, 'The RBI needs to take some action against banks as this is happening repeatedly.'
Now that Canara Bank has pulled out, the spotlight has turned to the State Bank of India (SBI). The country's largest lender had also declared the RCOM account as fraudulent. And now it may be walking straight into the same legal trap.
On July 2, Ambani's lawyers fired off a letter to the SBI, challenging the bank's classification of fraud on nearly identical grounds. They claimed the SBI passed the order ex-parte, meaning without giving Ambani a chance to respond.
They also alleged the bank sat for months on Ambani's repeated requests for documents – the same documents it used to brand him a fraud. And they never gave a clear answer on the legitimacy of the Show Cause Notice that kicked off the whole process.
Legal experts are already warning that the SBI's move could fall flat just like Canara Bank's did.
'This is classic déjà vu. Same facts. Same lapses. Same disregard for process. It is only a matter of time,' one senior banking lawyer told Zee Media.
For now, Anil Ambani walks away with a clean slate from Canara Bank. But the battle is not over. With the SBI still in play, the courtroom drama around may be far from its final act.
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