New Delhi, August 23 — The Central Bureau of Investigation (CBI) has registered a case against Reliance Communications Limited (RCOM) and its promoter Anil D. Ambani in connection with an alleged ₹2,000-crore bank fraud involving the State Bank of India (SBI). The action follows a formal complaint filed by SBI after the company’s loan account was declared fraudulent under Reserve Bank of India (RBI) guidelines.
CBI officials carried out searches at six locations in Mumbai, including offices linked to RCOM and the residence of Anil Ambani, to collect evidence and seize relevant documents.
According to SBI’s complaint, the bank had an exposure of ₹2,227.64 crore in fund-based loans and ₹786.52 crore in non-fund-based guarantees to RCOM. The account was first classified as fraudulent in November 2020, but legal proceedings delayed further action. Following a Supreme Court ruling in 2023 mandating borrower hearings before fraud classification, SBI reaffirmed the status in September 2023 and reported it to the RBI in June 2025.
RCOM is currently undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), with a resolution plan pending before the National Company Law Tribunal (NCLT), Mumbai. SBI has also initiated personal insolvency proceedings against Anil Ambani.
The Enforcement Directorate (ED) is conducting a parallel investigation into alleged fund diversion and money laundering across multiple Reliance group entities. Anil Ambani was recently questioned for nearly 10 hours in connection with these probes.
The case marks a significant development in the government’s crackdown on high-value corporate frauds and reinforces regulatory efforts to ensure financial accountability in the banking sector. Further investigation is underway.
