CBI Intensifies Investigation into Alleged Bank Fraud Linked to Anil Ambani's Reliance Group
Investigation Escalates
New Delhi: The Central Bureau of Investigation (CBI) has escalated its inquiry into significant alleged bank fraud cases associated with the Reliance Anil Dhirubhai Ambani Group (ADA Group). This development was confirmed by a CBI statement released on Saturday, which noted that senior executives have been summoned for in-depth questioning at the agency's headquarters in New Delhi.
This investigation is part of a broader examination of substantial alleged financial misconduct involving loans from public sector banks, with estimated losses to banks and financial institutions reaching approximately Rs 9,280 crore, including Rs 4,097 crore attributed to public sector banks.
In a notable case concerning 'Reliance Communications Limited (RCom)', the CBI filed a First Information Report (FIR) on August 21, 2025, following a complaint from the State Bank of India (SBI).
The allegations involve a fraud amounting to Rs 2,929.05 crore, implicating RCom, industrialist Anil Ambani, and several others, including unidentified public officials, in charges of criminal conspiracy, cheating, and breach of trust.
The investigation suggests that loan funds were diverted and misused through complex transactions between 2013 and 2017, resulting in a wrongful loss to SBI from its total exposure exceeding Rs 19,000 crore in a consortium of banks, according to the agency.
On March 21, 2026, two Group Managing Directors of the Reliance ADA Group, Gautam Doshi and Sateesh Seth, were interrogated by the CBI Investigating Officer throughout the day.
Previously, another Group Managing Director, Amitabh Jhunjhunwala, was questioned on March 18, 2026.
These summons follow a rigorous interrogation of Anil Ambani himself over two consecutive days (March 19 to 20), where he was questioned for nearly eight hours each day, underscoring the agency's focus on the group's key decision-makers.
In a separate case involving 'Reliance Commercial Finance Limited', the CBI registered an FIR on December 6, 2025, based on a complaint from the Bank of Maharashtra, alleging a fraud of Rs 57.47 crore.
The accused in this case include Reliance Commercial Finance Limited, Devang Pravin Mody, Ravindra Somayajula Rao, and others, including unidentified public officials.
Sanjay Dangi, an Advisor at Authum Investment and Infrastructure Limited, which has taken over the assets of Reliance Commercial Finance Limited and Reliance Home Finance Limited (both under investigation), was also examined throughout the day.