CBI books Anil Ambani, RCom in Rs 2,929 crore ‘bank fraud’ case

Mumbai: The Central Bureau of Investigation (CBI) has launched a probe against Reliance Communications Ltd (RCOM), its director Anil D Ambani, unknown public servants, and others on allegations of cheating State Bank of India (SBI) of Rs 2,929.05 crore. The agency registered a case on August 21, 2025, based on a written complaint filed by SBI’s Mumbai branch.

The FIR states that the accused criminally conspired to arrange credit facilities by making false representations in order to syphon and misappropriate the loan proceeds. The plea alleges a number of irregularities, such as channelling of funds through inter-company loans, abuse of sales invoice finance, discounting of bills of RCOM by Reliance Infratel Ltd, shifting of money through inter-corporate deposits, and write-offs of advances given to group firm Netizen Engineering Pvt Ltd. The bank has further flagged the creation and subsequent write-off of fictitious debtors as part of the fraud. Acting on the complaint, the CBI obtained search warrants from the Special CBI Court, Mumbai, on August 22, 2025, and began raids on Saturday at RCOM’s corporate office and Anil Ambani’s residence in Mumbai. Sources confirmed that the searches are ongoing. Once a flagship of the Reliance ADA Group, RCOM was India’s second-largest telecom operator in the mid-2000s, with more than 150 million subscribers. However, declining market share due to rising debt, stiff tariff competition, and Reliance Jio’s entry in 2016 led to a significant drain in its market share. Many lenders, including SBI, labelled the loans as non-performing assets after RCOM went for insolvency in 2019 with a debt burden crossing Rs 46,000 crore.

This is not the first time that Anil Ambani and his group of companies have been in the eye of the storm. In 2020, lenders took him to the National Company Law Tribunal (NCLT) for dues, while foreign agencies, including Chinese banks, also sought claims. The Enforcement Directorate (ED) and CBI had previously investigated group companies for suspected irregularities in spectrum auctions and foreign investments. The case represents a new wave of enquiries into how money borrowed supposedly for commercial activities was purportedly diverted through complex transactions and shell companies. The CBI’s investigation will examine the role of RCOM executives, banking officials, and associated firms in the alleged fraud. If proven, the case could have wide-ranging implications not just for Anil Ambani’s already troubled telecom empire but also for India’s banking sector, where exposure to corporate defaults remains a recurring concern. Police officials announced the searches were expected to extend throughout the day, with records and electronic evidence being taken into custody for further forensic examination.