In a fresh setback for industrialist Anil Ambani, the Central Bureau of Investigation (CBI) has filed a criminal case and conducted extensive searches at his residence and at offices linked to Reliance Communications (RCOM). The case, registered on August 21, alleges that Ambani and RCom were involved in a ₹2,929 crore bank fraud that caused massive losses to the State Bank of India (SBI).

The development comes close on the heels of the Enforcement Directorate (ED) investigating Ambani in connection with an alleged ₹20,000 crore loan scam, further intensifying legal scrutiny on the Reliance ADA Group.

What Triggered the CBI Action?

The CBI’s case originates from a complaint filed on August 18 by Jyoti Kumar, Deputy General Manager of SBI’s Mumbai branch. According to the complaint, the alleged fraud surfaced after a forensic audit report submitted on October 15, 2020, highlighted suspicious transactions between April 1, 2013, and March 31, 2017.

The forensic findings suggested that RCom and associated entities, under the leadership of Anil Ambani, misrepresented financial details to secure credit facilities from SBI. Once these funds were disbursed, they were allegedly diverted, misappropriated, and used in violation of loan conditions, causing substantial financial damage to the bank.

CBI Allegations: A Web of Complex Transactions

According to the CBI’s First Information Report (FIR), the accused engaged in criminal conspiracy, cheating, and breach of trust. The agency claims that RCom, in collusion with unknown public servants and other entities, indulged in a series of questionable financial activities.

The allegations include:

• Diversion and Misutilisation of Loan Funds – Funds obtained from SBI were allegedly rerouted for purposes other than those approved.

• Suspicious Inter-Company Transactions – Loans and funds were shifted between various group entities to mask their end-use.

• Fictitious Debt Creation and Write-Offs – Artificial debts were allegedly created and later written off to manipulate balance sheets.

• Sales Invoice Financing and Bill Discounting Abuse – RCom is accused of discounting bills via Reliance Infratel Ltd (RITL) in ways that violated financial norms.

• Unjustified Write-Offs to Group Firms – Capital advances made to Netizen Engineering Pvt Ltd, a Reliance ADA Group company, were written off.

• Manipulative Preference Share Transactions – For instance, on March 31, 2014, Reliance Telecom Ltd (RTL) issued preference shares worth ₹1,347.7 crore to Reliance Infratel Ltd (RITL). RITL then sold these shares to another related firm, RCTNL, for only ₹260 crore—leading to a reported loss of ₹1,087.7 crore.

The FIR noted that these transactions “do not appear genuine” and suggested that they were carefully orchestrated to divert funds by manipulating accounts with fictitious entries.

The CBI Raids: Inside the Operation

The CBI executed search warrants obtained from a Mumbai court and carried out raids at six locations in Mumbai, including Ambani’s Cuffe Parade residence.

According to sources, Ambani, his wife Tina Ambani, and their children were present at the residence during the raid. The searches began early Saturday morning and concluded by afternoon. Officials reportedly seized key documents and digital records that could provide insights into how bank funds were moved across group entities.

SBI’s Role: Fraud Classification and Complaint

SBI had officially classified Reliance Communications and Anil Ambani as “fraud” on June 13 and subsequently notified the Reserve Bank of India (RBI) on June 24, as per regulatory norms.

The bank’s complaint stated that:

• RCom deviated significantly from agreed loan utilization terms.

• A complex web of fund movements was identified across Reliance ADA Group companies.

• Show-cause notices were issued to Ambani and other directors in 2023 as part of the fraud identification process.

• Despite responses, the account was ultimately classified as fraudulent in June 2025.

SBI’s letter to RCom highlighted insufficient explanations from the promoters regarding irregularities, prompting the bank to escalate the matter to investigative agencies.

Previous Investigations: The ED’s Case Against Anil Ambani

This CBI case follows closely after the Enforcement Directorate (ED) summoned Anil Ambani in connection with another ₹20,000 crore loan scam.

Earlier investigations also revealed that:

• Yes Bank loans worth ₹3,000 crore (2017–2019) were allegedly diverted.

• RCom was linked to another suspected bank fraud exceeding ₹14,000 crore.

• Promoters allegedly engaged in quid pro quo arrangements with Yes Bank, involving payments to privately held concerns just before sanctioning loans.

Anil Ambani’s Response: “Selectively Singled Out”

A spokesperson for Anil Ambani has strongly denied the allegations, stating:

• The SBI complaint pertains to matters dating back more than a decade.

• During the period under scrutiny, Ambani was merely a Non-Executive Director with no involvement in RCom’s daily operations.

• SBI had already withdrawn proceedings against five other Non-Executive Directors, yet Ambani was “selectively singled out”.

• RCom is currently being managed under a Committee of Creditors led by SBI, supervised by a Resolution Professional, and proceedings remain sub judice before the NCLT and the Supreme Court for the past six years.

The spokesperson emphasized that Ambani will “duly defend himself” and continues to maintain full compliance with legal and regulatory processes.

What Lies Ahead?

The CBI’s probe into Anil Ambani and Reliance Communications marks a major escalation in corporate fraud investigations in India. With both the CBI and ED pursuing multiple angles of alleged financial misconduct, Ambani faces mounting legal challenges.

The case not only raises questions about loan disbursement practices of Indian banks but also puts a spotlight on the oversight mechanisms of financial institutions in detecting large-scale frauds.

As the matter proceeds through investigative and judicial channels, all eyes will remain on how the ₹2,929 crore fraud case unfolds—and whether Anil Ambani, once among India’s most prominent industrialists, can successfully defend himself against the mounting allegations.

With inputs from agencies

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