CBI Conducts Raids Linked to Anil Ambani Over ₹2,929 Crore Fraud
| 2025-08-24
CBI Conducts Raids Linked to Anil Ambani Over ₹2,929 Crore Fraud
The Central Bureau of Investigation launches operations linked to Anil Ambani over significant bank fraud involving Reliance Communications in Mumbai.
The Central Bureau of Investigation (CBI) has undertaken searches at various locations in Mumbai associated with Reliance Communications Limited (RCom) and its former director, Anil Ambani, as part of an ongoing investigation into alleged bank fraud. Reports indicate that the fraud is said to have caused a loss exceeding ₹2,929 crore (approximately £290 million) to the State Bank of India (SBI).
On 21 August 2025, the CBI formally registered a case following a complaint from the SBI’s Mumbai branch. The complaint alleges criminal conspiracy alongside the misrepresentation of facts aimed at securing credit facilities for RCom. Further accusations include the misuse and diversion of loan funds.
On 21 August 2025, the CBI formally registered a case following a complaint from the SBI’s Mumbai branch. The complaint alleges criminal conspiracy alongside the misrepresentation of facts aimed at securing credit facilities for RCom. Further accusations include the misuse and diversion of loan funds.
Search Operations
Following the filing of the case, the CBI obtained judicial search warrants and launched operations at two key locations: the official offices of RCom and Anil Ambani’s residential premises. The operations aimed to collect vital documents and digital records to substantiate claims of financial misconduct.
In a detailed initial report, the CBI highlighted a series of financial irregularities allegedly committed by those involved in mismanagement at RCom. These included the unauthorised routing of loans, dubious inter-company transactions, and disregard for stipulated loan conditions. The report indicates that the alleged fraud came to light following an audit that examined the company's financial practices from April 2013 to March 2017.
SBI classified RCom’s account as fraudulent in November 2020 after a forensic audit revealed severe discrepancies. The classification was later reinforced in June 2025 by the Reserve Bank of India (RBI) following a Supreme Court judgment.
Financial Background
The financial landscape surrounding RCom is complex. Established in 2002, the company provided various telecommunications and IT services until it ceased consumer mobile operations in December 2017 due to increased competition, particularly from Reliance Jio. As per the CBI's findings, the company’s debts across multiple financial institutions totaled around ₹40,185.55 crore by May 2018, with various international lenders included in this mix.
Recently, the Minister of State for Finance, Pankaj Chaudhary, informed the Lok Sabha that the total credit exposure of SBI to RCom included principal amounts along with accrued interest. The report detailed a fund-based claim of ₹2,227.64 crore, in addition to a non-fund-based Bank Guarantee of ₹786.52 crore.
Implications and Reactions
The ongoing investigations into Anil Ambani and RCom are part of broader scrutiny into financial irregularities in several companies associated with the Reliance Group. In the preceding months, Ambani had previously been questioned by the Enforcement Directorate (ED) in connection with a separate money laundering investigation that encompasses multiple alleged loan frauds involving his group companies.
The unfolding situation has raised significant concern over corporate governance and accountability, with many calling for stringent regulatory measures to prevent such financial misconduct in the future.
As investigations continue, the implications for RCom and its associated entities remain significant, particularly in light of the financial losses reported by SBI and other creditors. Anil Ambani has yet to provide public comments regarding the allegations stemming from this investigation.
Sources indicate that the CBI is expected to conduct further inquiries to ascertain the full extent of the alleged fraud, gathering testimonies and examining additional financial documents. Authorities continue to emphasize the importance of preserving the integrity of the financial system in India, and further actions may follow depending on the findings from the ongoing probe.
Following the filing of the case, the CBI obtained judicial search warrants and launched operations at two key locations: the official offices of RCom and Anil Ambani’s residential premises. The operations aimed to collect vital documents and digital records to substantiate claims of financial misconduct.
In a detailed initial report, the CBI highlighted a series of financial irregularities allegedly committed by those involved in mismanagement at RCom. These included the unauthorised routing of loans, dubious inter-company transactions, and disregard for stipulated loan conditions. The report indicates that the alleged fraud came to light following an audit that examined the company's financial practices from April 2013 to March 2017.
SBI classified RCom’s account as fraudulent in November 2020 after a forensic audit revealed severe discrepancies. The classification was later reinforced in June 2025 by the Reserve Bank of India (RBI) following a Supreme Court judgment.
Financial Background
The financial landscape surrounding RCom is complex. Established in 2002, the company provided various telecommunications and IT services until it ceased consumer mobile operations in December 2017 due to increased competition, particularly from Reliance Jio. As per the CBI's findings, the company’s debts across multiple financial institutions totaled around ₹40,185.55 crore by May 2018, with various international lenders included in this mix.
Recently, the Minister of State for Finance, Pankaj Chaudhary, informed the Lok Sabha that the total credit exposure of SBI to RCom included principal amounts along with accrued interest. The report detailed a fund-based claim of ₹2,227.64 crore, in addition to a non-fund-based Bank Guarantee of ₹786.52 crore.
Implications and Reactions
The ongoing investigations into Anil Ambani and RCom are part of broader scrutiny into financial irregularities in several companies associated with the Reliance Group. In the preceding months, Ambani had previously been questioned by the Enforcement Directorate (ED) in connection with a separate money laundering investigation that encompasses multiple alleged loan frauds involving his group companies.
The unfolding situation has raised significant concern over corporate governance and accountability, with many calling for stringent regulatory measures to prevent such financial misconduct in the future.
As investigations continue, the implications for RCom and its associated entities remain significant, particularly in light of the financial losses reported by SBI and other creditors. Anil Ambani has yet to provide public comments regarding the allegations stemming from this investigation.
Sources indicate that the CBI is expected to conduct further inquiries to ascertain the full extent of the alleged fraud, gathering testimonies and examining additional financial documents. Authorities continue to emphasize the importance of preserving the integrity of the financial system in India, and further actions may follow depending on the findings from the ongoing probe.
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