State Bank of India (SBI) has informed the Delhi High Court that it has classified three bank accounts of Anil Ambani's Reliance Group - Reliance Communication, Reliance Telecom and Reliance Infratel - as fraud.
The development can land Anil Ambani in serious trouble as now the bank can seek a banking fraud investigation by the Central Bureau of Investigation (CBI).
The High Court has asked the state-run lender to maintain status quo on the accounts of Anil Ambani's firms. A bank account is declared fraud after it turns into a non-profitable asset (NPA).
