The Anil Ambani loan saga reveals a web of questionable financial dealings, regulatory lapses, and systemic failure in India's banking and legal system. Anil Ambani's companies took massive loans totaling ₹48,216 crores from Indian and foreign banks. These loans turned into NPAs. The State Bank of India (SBI) initially classified them as fraudulent. However, in a series of mysterious reversals and legal maneuvers—including bankruptcy claims, regulatory bypasses, and a near-total loan haircut—Ambani's companies were handed over to his brother Mukesh Ambani’s firm. Meanwhile, Canara Bank also reversed its earlier fraud classification of Ambani’s firms. Despite being declared bankrupt, Ambani continues to be linked with big ventures like Dassault Reliance Aerospace.
SS Anil, All India President of the Bank Employees Federation of India (BEFI) writes the entire episode of elite impunity demands a deeper inquiry into haircuts, regulatory failure and accountability in handling public money.