CBI Launches Investigation Against Anil Ambani and Reliance Communications for Alleged Fraud

CBI Files Case Against Reliance Communications and Anil Ambani

New Delhi: On Wednesday, the Central Bureau of Investigation (CBI) initiated a case against Reliance Communications Ltd (RCom), its chairman Anil Ambani, and several unidentified public officials, alleging a wrongful loss of ₹3,750 crore to the Life Insurance Corporation (LIC) of India.

This action follows a complaint from LIC, which accuses RCom and its management of conspiracy, cheating, misappropriation, and violations under the Prevention of Corruption Act.

The allegations suggest that LIC was misled into investing ₹4,500 crore in Non-Convertible Debentures (NCDs) due to false claims regarding RCom's financial stability and the security of assets backing the investment.

The complaint is supported by a forensic audit report from BDO India LLP, dated October 15, 2020, which indicates that RCom misused funds acquired from banks and financial institutions. The report highlights various financial irregularities, including the diversion of funds through subsidiaries, fictitious billing, and the creation of non-existent debtors.

The investigation is currently ongoing, as stated by the CBI.

Previously, the CBI had filed three cases against RCom, Anil Ambani, and others for allegedly defrauding multiple banks.

Anil Ambani was interrogated for two consecutive days at the CBI headquarters in Delhi regarding a separate fraud case involving ₹2,929.05 crore linked to the State Bank of India (SBI).

The FIR for this case was registered on August 21, 2025, following a complaint from SBI, which accuses RCom, Anil D. Ambani, and other unidentified public servants.

SBI leads a consortium of 11 banks, including Bank of India, Central Bank of India, and others, that provided loans to the Ambani group.

The complaint is based on a forensic audit that claims significant misappropriation of loan funds through complex transactions among group entities from 2013 to 2017, resulting in a loss of ₹2,929.05 crore to SBI out of a total exposure of ₹19,694.33 crore involving 17 public sector banks.

Following the case registration, additional complaints were filed by several banks, including Punjab National Bank and Bank of Maharashtra. Another case was registered against RCom and Anil Ambani on February 25, based on a complaint from Bank of Baroda.