Archive · 13 Jan 2026
Banks Challenge Stay on Ambani Fraud Case
Three big banks in India are upset because a court stopped them from saying that Anil Ambani and his company did something wrong with money.
The banks say they found proof that money was used in a bad way, but the court said the proof wasn't good because the people who checked it weren't the right kind of experts.
Now, the banks are asking a bigger group of judges to say the court was wrong and let them continue their case.
The judges will listen to both sides and make a decision soon.
Three public sector banks and an auditor appealed against a stay on fraud classification proceedings against Anil Ambani and Reliance Communications Ltd.
The single bench order stayed all actions based on a forensic audit by BDO India LLP, citing legal flaws and RBI guideline violations.
Banks argued the forensic audit was valid and based on serious findings of fund siphoning and misutilisation.
Ambani challenged the audit, claiming BDO India LLP was not qualified to conduct it as its signatory was not a chartered accountant.
The Mumbai High Court posted the matter for further hearing on January 14, 2025.
- Who
- Indian Overseas Bank, IDBI Bank, Bank of Baroda, Anil Ambani, Reliance Communications Ltd, BDO India LLP
- What
- Appeal against stay on fraud classification proceedings
- When
- January 12, 2025 (appeal filed), January 14, 2025 (next hearing)
- Where
- Mumbai High Court
- Why
- Banks argue forensic audit was legally valid and based on serious findings of fund siphoning and misutilisation
- Parties Involved
- Indian Overseas Bank, IDBI Bank, Bank of Baroda, Anil Ambani, Reliance Communications Ltd, BDO India LLP
- Issue
- Classification of accounts as fraud
- Forensic Audit Firm
- BDO India LLP
- Court Action
- Stay on proceedings by single bench
- Appeal Filed
- January 12, 2025
- Next Hearing
- January 14, 2025
- Court
- Mumbai High Court
- Chief Justice
- Shree Chandrashekhar
- Justice
- Gautam Ankhad
Sources
Public sector banks appeal against stay on fraud classification proceedings against Anil Ambani
Mumbai News: PSU Banks Urge Bombay High Court To Lift Stay On Fraud Tag Against Anil Ambani, Reliance Communications
Three banks, auditor challenge interim order that stayed actions against Anil Ambani over ‘fraudulent’ accounts
