The Central Bureau of Investigation (CBI) has intensified its investigation into an alleged bank fraud case involving Reliance Communications (RCom) and its Promoter Director, Anil Ambani. On Saturday, August 23, 2025, the CBI conducted searches at the residential and official premises linked to Anil Ambani and RCom in Mumbai.
The CBI's actions are in response to a First Information Report (FIR) filed concerning a ₹2,929.05 crore fraud against the State Bank of India (SBI). SBI had earlier classified RCom and Anil Ambani as fraudulent entities on June 13, 2025, in accordance with the Reserve Bank of India's (RBI) guidelines on fraud risk management. The bank reported this classification to the RBI on June 24, 2025.
According to the FIR, the accused allegedly engaged in a criminal conspiracy to obtain credit facilities from SBI for RCom through misrepresentation. It is further alleged that the funds received from the bank were subsequently misused or diverted. The CBI's searches aimed to gather crucial documents and digital evidence to ascertain how the bank funds were misused and whether the loans were diverted.
The CBI registered the FIR on Thursday and obtained search warrants from a special CBI court in Mumbai on Friday. The searches were conducted at two locations in Mumbai, including Ambani's residence, "Sea Wind," at Cuffe Parade. Ambani and his family were present during the searches. The 20-page FIR includes the complaint details and names Anil D. Ambani, M/S Reliance Communications Limited, unknown public servants, and others as accused. The FIR has been lodged in Delhi.
SBI's complaint alleges a total fraud of ₹2,929.05 crore by Anil Ambani's Reliance Communications Limited (RCOM). The CBI's case is based on SBI's complaint, which was supported by forensic audit findings from BDO India LLP. The audit examined transactions between April 2013 and March 2017 and allegedly found that RCom and its subsidiaries diverted more than ₹31,580 crore in bank loans through related-party transactions and fictitious entries. The auditor's findings, which are part of the FIR, indicate that RCom, RITL, and RTL transferred bank loan funds internally among themselves. RCom allegedly transferred ₹783.77 crore to RTL and ₹1,435.24 crore to RITL from bank loans.
In addition to this case, Anil Ambani is also under scrutiny from both the CBI and the Enforcement Directorate (ED) in connection with multiple bank fraud cases. Sources indicate that the total fraud committed by his business entities exceeds ₹17,000 crore. The ED had previously questioned Ambani in a money laundering case linked to alleged bank loan frauds worth crores of rupees against his group companies. A preliminary investigation revealed that ₹3,000 crore in loans from Yes Bank, disbursed between 2017 and 2019, were wrongfully diverted. A similar fraud of over ₹14,000 crore was allegedly committed by Reliance Communications.
SBI has also initiated a Personal Insolvency Resolution Process against Anil Ambani under the IBC, which is being heard by NCLT Mumbai.
