The Supreme Court recently dismissed Anil Ambani’s petition, officially allowing banks to proceed with classifying his loan accounts as fraudulent. This ruling upheld the Division Bench’s decision from the Bombay High Court (HC), which vacated an earlier interim stay protecting Ambani from fraud classification proceedings. Despite all the orders against Anil Ambani, he’s still roaming free without formal arrest by ED or CBI whereas anyone else would have been behind the bars like the Ranbaxy brothers.

The accounts of three Anil Ambani-led Reliance Group entities have reportedly been flagged as fraudulent by three banks, including India’s largest lender, the State Bank of India (SBI). Reliance Communications, Reliance Infratel, and Reliance Telecom owe lenders Rs. 86,188 crore. This is ten times more than the debt garnered by former billionaires Vijay Mallya and Nirav Modi. In the midst of Reliance Communications’ bankruptcy resolution process, three Indian banks — the State Bank of India (SBI), Union Bank of India (UBI) and the Indian Overseas Bank (IOB) — are classifying the company’s accounts and the accounts of its units as fraudulent.

Sources told that the three banks, which includes India’s largest lender, are looking to launch a deeper probe into the transactions from the account of three Anil Ambani-led Reliance Group entities — Reliance Communications, Reliance Infratel and Reliance Telecom.