The Bombay High Court on Friday dismissed a petition filed by industrialist Anil Ambani challenging the State Bank of India’s (SBI) decision classifying his and Reliance Communications’ accounts as fraud, as per a report by PTI.

Court finds no merit in plea

According to PTI, a bench of Justices Revati Mohite Dere and Neela Gokhale said there was no merit in the plea.

The SBI had last year classified the accounts as fraud, alleging misappropriation of funds by entering into transactions that violated the terms of loans extended by it. Soon after that Bank of India (BOI) has also classified the loan accounts of promoter Anil Ambani, Reliance Communications (RComm) and Reliance Telecom under the same category.

SBI files complaint with CBI

Ambani moved the HC, arguing that the ban

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