Anil Ambani and Reliance Communications Face New Allegations of Bank Fraud

The CBI has launched an investigation into Anil Ambani and Reliance Communications for allegedly defrauding the Bank of Baroda, resulting in a loss of over Rs 2,220 crore. This case follows a complaint from the bank and includes allegations of misusing loan funds and manipulating financial records. Ambani's previous legal battles regarding similar issues have added complexity to the situation. As the investigation unfolds, the implications for Ambani and his companies could be significant, raising questions about financial practices in the corporate sector. Stay tuned for updates on this developing story.

By Narendra Chaudhary Feb 26, 2026, 18:06 IST

CBI Launches Investigation into Alleged Fraud

New Delhi: The Central Bureau of Investigation (CBI) has initiated a new case against Anil Ambani and Reliance Communications (RCOM) for allegedly defrauding the Bank of Baroda between 2013 and 2017, resulting in a loss exceeding Rs 2,220 crore, as reported by officials on Thursday.

This investigation follows a complaint lodged by the bank earlier this week.

According to a CBI spokesperson, following the case registration, searches were conducted at Anil Ambani's residence and the offices of Reliance Communications, leading to the recovery of various documents related to the loan transactions.

The FIR claims that the Bank of Baroda incurred losses exceeding Rs 2,220 crore due to loans taken by Reliance Communications, which were purportedly misused through fictitious transactions with associated entities.

Officials noted that the account was classified as a non-performing asset (NPA) back in 2017.

However, a petition by Anil Ambani to the Bombay High Court resulted in a stay on the fraud declaration, which was lifted on February 23, 2026, prompting the Bank of Baroda to file this complaint, leading to the CBI's involvement.

As of now, there has been no immediate response from the company regarding these allegations.

The Bank of Baroda's complaint accuses Ambani and RCOM of systematically misusing borrowed funds against the approved purposes.

Additionally, they are accused of manipulating financial records to hide irregularities and misrepresent their financial status, as well as diverting loan proceeds and layering funds to obscure the actual flow of money.

The complaint states that RCOM, along with Reliance Infratel Ltd (RITL) and Reliance Telecom Ltd (RTL), collectively received Rs 31,580 crore from various banks and financial institutions.

Out of this amount, Rs 6,265.85 crore was used to repay loans from other banks, while Rs 5,501.56 crore was paid to related parties. Furthermore, Rs 3,674.85 crore was invested in fixed deposits and mutual funds, which were quickly liquidated to pay off both related and unrelated parties, indicating a misuse of the loan funds.

The bank alleges that Rs 1,783.65 crore raised by RITL was utilized by RCOM through Reliance Communications Infrastructure Ltd (RCIL) to settle its liabilities or transferred to related entities.

The account was classified as an NPA effective June 5, 2017, due to ongoing defaults and irregularities in fund usage. A subsequent forensic investigation confirmed the diversion and misappropriation of funds, indicating fraudulent intent.

The complaint, now part of the FIR, also highlights transactions between RCOM, Reliance Infratel, and Reliance Telecom that suggest a clear diversion of loan funds from multiple banks.

Suspicious transactions involving both related and unrelated parties were noted, with numerous high-value receivables and payables being transferred among the companies.

The complaint asserts that the borrower company (Reliance Communications), along with its Promoter and Chairman (Anil Ambani), engaged in a well-organized criminal conspiracy with the dishonest intention of causing wrongful loss to the bank while gaining personally by diverting and misappropriating the loan funds.

The CBI has previously registered a case against RCOM based on a complaint from the State Bank of India, which leads a consortium of 11 banks.

However, the Bank of Baroda was not part of that consortium, and this case pertains to a separate loan obtained by Reliance Communications from Bank of Baroda, along with Vijaya Bank and Dena Bank.

Earlier today, Anil Ambani appeared before the Enforcement Directorate for a second round of questioning related to an alleged bank fraud and money laundering case.

Officials stated that his statement was recorded under the Prevention of Money Laundering Act (PMLA). Ambani was initially questioned by the ED in August 2025 regarding an alleged bank fraud exceeding Rs 40,000 crore involving his group company, Reliance Communications.