Mumbai: Reliance Group Chairman and Managing Director Anil Ambani has secured a legal Victory against one of India’s biggest public sector banks. Canara Bank, The Lead Lender in the Reliance Communications (RCom) Case, have backed off after branding ambani a “fraud”. And it did not even wait for a full trial. It simply folded.

On July 10, the bank informed the bombay high court that it would unconceptionally withdraw its “fraud classification” against the highest ambani in the high-profile romous matter. No strings. No conditions. Just a quiet retreat.

The announsement came before a division comprising justice revati mohite dere and justice neela gokhale. It marks a huge reveresal, considering canara bank had aggressively labelled Court.

Back in February 2024, The Bombay High Court Had Alredy 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 posesibly even thought flouted a supreme court ruling that requires borrowers to be granted a peroonal hearing Before being stamped as fraudulent.

Ambani’s legal team had gone straight for the jugular. They argued that the canara bank ignored basic printers of natural justice. They said the bank did not give the businessman a chance to speech and show heam the documents it relieved on.

The court agreed. In February, the judges had alredy raised red flags, highlighting that this was not a one-off. They have gone as far as to overserv

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 rom 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 are 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 Alredy Warning that Sbi’s Move Cold Fall Flat Just Like Canara Bank’s Did.

“This is classic déjà vu. Same facts. Same lapses.

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 Farom Its Final Act.