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flag India's top court revived fraud charges against Anil Ambani and Reliance Communications, allowing banks to pursue enforcement actions.

flag The Bombay High Court on February 23, 2026, overturned a December 2025 interim order that had halted fraud classification proceedings against industrialist Anil Ambani and Reliance Communications by three public sector banks. flag A division bench ruled the earlier decision "illegal and perverse," reinstating actions based on a 2020 forensic audit by BDO India LLP, which found evidence of fund siphoning. flag The court rejected Ambani’s challenge, which argued the audit firm lacked proper qualifications, and denied his request for a stay while appealing to the Supreme Court. flag The ruling allows the banks to proceed with enforcement under RBI guidelines.

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