State Bank of India (SBI) has moved to withdraw allegations of fraud against Reliance Infratel, the telecom tower unit of Reliance Communications (RCOM). 

To this end, SBI has filed an affidavit in the National Company Law Tribunal (NCLT), Mumbai, stating that it wants to remove the fraud tag on Reliance Infratel.

The move follows Reliance Jio, the designated buyer of Reliance Infratel’s assets, moving NCLT to seek forensic audit reports that had marked the accounts of Reliance Infratel and RCOM as fraudulent. According to industry sources, SBI has filed the affidavit over fears that Jio may back out of its plan to buy Reliance Infratel for about Rs 40 billion due to the label.