The Central Bureau of Investigation (CBI) on Wednesday conducted searches at the residence of industrialist Anil Ambani and the offices of Reliance Communications (RCom) in connection with an alleged bank fraud case involving over Rs 2,220 crore.
The agency has registered a fresh FIR based on a complaint filed by Bank of Baroda on February 24, 2026, accusing Ambani, the promoter and former chairman of RCom, along with the company and unknown persons, including public servants, of criminal conspiracy, cheating, and criminal misconduct under the IPC and the Prevention of Corruption Act.
According to the FIR, the bank suffered losses exceeding Rs 2,220 crore from loans extended to RCom. Investigators suspect that the funds were diverted and misused through fictitious transactions with related entities.
A forensic audit reportedly found:
- Diversion of loan funds
- Routing of money to related parties
- Fake transactions
- Manipulation of company accounts
The audit also flagged the movement of funds between group firms, including Reliance Telecom Ltd and Reliance Infratel Ltd.
The loans were allegedly used to repay other liabilities and transfer funds to connected entities.
The loan account had been declared a Non-Performing Asset (NPA) on June 5, 2017. However, RCom had secured a stay from the Bombay High Court against the classification of the account as fraud. The stay was vacated on February 23, 2026, following which Bank of Baroda filed its complaint, and the CBI initiated immediate action.
Second Case Against Reliance Communications
This is the second case registered by the agency against RCom. Earlier, a separate FIR was filed based on a complaint by the State Bank of India, the lead bank of an 11-member lending consortium. CBI clarified that Bank of Baroda was not part of the earlier consortium. The present case pertains to a separate loan availed from Bank of Baroda and the erstwhile Vijaya Bank and Dena Bank, which have since merged with it.
Following the FIR, CBI teams carried out searches at Ambani's residence and RCom's registered offices. Officials said several documents related to the loan transactions have been recovered. The investigation is currently underway.
