The Central Bureau of Investigation (CBI) conducted searches at premises linked to Reliance Communications (RCOM) and its Promoter Director, Anil Ambani, on Saturday, August 23, 2025, in connection with an alleged large-scale bank fraud. This action follows the registration of a First Information Report (FIR) concerning the alleged fraud, which reportedly caused a loss of ₹2,929.05 crore to the State Bank of India (SBI). The CBI team from Delhi carried out early morning searches at Ambani's residence in Mumbai while Ambani, his wife, and their children were present.
The case is based on a complaint lodged by SBI, which classified RCOM and Ambani as 'fraud' on June 13, 2025, in line with the Reserve Bank of India's (RBI) Master Directions on Fraud Risk Management and the bank's own policy framework. The complaint alleges criminal conspiracy, misrepresentation of facts to secure credit facilities for RCOM, and misuse/diversion of loan funds.
According to the CBI, the accused parties allegedly misrepresented facts and conspired to get credit facilities sanctioned from SBI in favor of Reliance Communications. The allegations also pertain to the misutilization and diversion of loan funds, potential routing of funds, inter-company loan transactions, and the creation or write-off of fictitious debtors. SBI's credit exposure to RCom includes a fund-based principal of ₹2,227.64 crore, plus accrued interest since August 26, 2016, and a non-fund-based bank guarantee of ₹786.52 crore.
RCom is currently undergoing Corporate Insolvency Resolution under the Insolvency and Bankruptcy Code (IBC), with the resolution plan awaiting approval from the NCLT Mumbai. SBI has also initiated a personal insolvency process against Ambani under the IBC.
The raids occurred after the Enforcement Directorate (ED) questioned Ambani on August 5, 2025, for nearly 10 hours in a money laundering probe related to multiple bank loan frauds involving over ₹17,000 crore. The ED is investigating approximately ₹3,000 crore in loan fraud involving Reliance Anil Dhirubhai Ambani Group (RAAGA) companies. The agency is reportedly examining 50 companies and 25 individuals under the Prevention of Money Laundering Act.
In response to the CBI action, a spokesperson for Anil Ambani stated that the search at his residence concluded early in the afternoon on August 23, 2025. The spokesperson emphasized that the SBI complaint pertains to matters dating back more than 10 years, during which Ambani was a Non-Executive Director with no involvement in day-to-day management. The spokesperson added that SBI had already withdrawn proceedings against five other Non-Executive Directors, and despite this, Ambani has been "selectively singled out". Ambani denies all allegations and charges and will defend himself. He maintains he was not involved in management decisions and will challenge the charges in court.
