Shares of Anil Ambani’s Reliance Power and Reliance Infra fell by 1% each after Reliance Communications Ltd.'s loan account was declared as 'fraud' by Bank of Maharashtra, according to a regulatory filing as per a NDTV profit report. With this, Bank of Maharashtra becomes the fourth bank to declare RCOM's loan as fraud after State Bank of India, Bank of Baroda, and Bank of India amid an already on-going CBI probe.BOM has a Rs 488 crore outstanding loan amount with Reliance Communications. In its letter to the company, the bank delves into the mode of operation of the fraud and how Reliance Infratel Ltd. (an arm of the company) got Letter of Credit or LCs worth Rs 2,779.38 discounted from the bank.
Subsequently, round tripping an amount of Rs 2,393.22 back to the bank's accounts, restoring its overdraft limit by reducing the overdrawn amount from each of them. The State Bank of India (SBI) declared the company and Anil Ambani as frauds in July 2025, citing suspected forgery in the loan documents. It was also reported that he had transferred the loan amount to a different account. The matter was reported to the Reserve Bank of India, and a case was registered against Anil Ambani and his company. This led to a series of raids by the Enforcement Directorate (ED) at several of his companies and residences. Following the incidents, the Bank of Baroda also labelled RCom as a fraud, indicating a broad concern. The Bombay High Court also dismissed Ambani’s petition where he challenged SBI’s fraud classification at the same time.
Both Reliance Infrastructure and Reliance Power are part of the Anil Dhirubhai Ambani Group (ADAG). Reliance Infrastructure (RInfra) is an infrastructure company focused on Engineering & Construction (E&C) and utilities, while Reliance Power (RPower) is a power generation company. RInfra handles project development and provides E&C services across infrastructure like roads and metro rail, also serving as a utility with transmission and distribution operations. Reliance Power focuses on developing, building, and operating power plants and has a significant portfolio of thermal and renewable energy assets. Reliance Power share price has risen over 3% in one month, but has fallen over 25% in three months. The smallcap stock has rallied 24% in six months, while it has gained 8% this year so far. Reliance Power shares have delivered multibagger returns of 171% in two years and a staggering 1,642% in five years.