State Bank of India has flagged Reliance Communications’ long-standing loan as “fraud” and named its former director Anil Ambani to the Reserve Bank of India under regulatory rules. The firm, part of Anil Ambani’s troubled group, says the loans are linked to a time before its insolvency process began in 2019. A resolution plan is pending final approval. SBI acted after the company failed to clarify loan irregularities. Reliance Communications says it will seek legal advice.