CBI registers fresh case against RCom, Anil Ambani

NEW DELHI: The CBI on Wednesday registered a fresh case against industrialist Anil Ambani and Reliance Communications Ltd (RCom), alleging a loss of Rs 3,750 crore to the Life Insurance Corporation of India (LIC), officials said. The charges include fraud, clandestine collusion, diversion of funds and violations under anti-corruption laws.

It turns out LIC put Rs 4,500 crore into RCom’s debt instruments after hearing promises that didn’t match reality – shaky finances masked as solid ground. Later, a detailed check by BDO India in late 2020 peeled back layers: money was rerouted via smaller firms under RCom, deals were hard to justify, property values were stretched beyond the truth, and even fake dues were made up on paper, officials said.

What stands out is how funds moved through tangled paths – deposits bouncing between companies, activity funnelled via empty-shell firms – as if built to quietly pull cash away. On another note, what was reported did not line up with the real collateral shown.

The case adds to a series of ongoing probe against RCom and Ambani involving alleged fraud on public sector lenders. At the heart of a matter involving SBI, authorities brought Ambani in for questioning – two days straight – at their central office in Delhi. The sum in question? Nearly Rs 2,930 crore is said to be lost through deceit.