CBI Launches Second Case Against Anil Ambani for Bank Fraud

The Central Bureau of Investigation (CBI) has recently initiated a second inquiry against businessman Anil Ambani and his company, Reliance Communications Limited (RCom), for alleged fraud against the Bank of Baroda amounting to ₹2,220 crore. Searches were carried out at both Mr. Ambani's residence and the corporate offices of RCom on February 26, 2026.

According to official sources, the CBI's actions stem from a complaint lodged by the Bank of Baroda. The complaint alleges that funds from the bank were improperly diverted through fictitious transactions with affiliated parties. Furthermore, it is claimed that RCom's financial records were manipulated to hide these discrepancies. The loan in question was categorised as a non-performing asset by the bank in 2017.

In a related development, Ambani had earlier sought a stay on the classification of his accounts as fraudulent, a legal challenge that was still pending. This stay was lifted on February 23, 2026, paving the way for the current CBI complaint.

This latest case follows a prior investigation involving a different lender, the State Bank of India, which had already initiated legal action against RCom and several associated parties. The Bank of Baroda was not included in that consortium of banks.

As part of the ongoing investigation, the CBI has revealed that numerous documents concerning the disputed loan transactions have been seized during the searches.

Additionally, on February 25, 2026, the Enforcement Directorate (ED) took further action by attaching a property owned by Mr. Ambani in Pali Hill, Mumbai, which is valued at approximately ₹3,716.83 crore. This is part of a broader investigation into money laundering linked to the RCom case, with total asset attachments now exceeding ₹15,700 crore related to the Ambani group.

According to the ED, the Pali Hill property was incorporated into a private family trust, allegedly to mask Mr. Ambani's involvement in the alleged financial irregularities. The ED had previously questioned Mr. Ambani in August 2025 and arrested a former director of RCom, Punit Garg, in January 2026.

The charges and ongoing investigations highlight the complex financial transactions surrounding one of India’s prominent business figures, with potential ramifications for both personal and corporate financial governance in the high-stakes world of corporate finance in India.