Mumbai — February 26, 2026
India’s federal investigative agency, the Central Bureau of Investigation, has registered a fresh case alleging bank fraud of ₹2,220 crore against industrialist Anil Ambani and his company Reliance Communications (RCom), officials said Wednesday.
The case was filed following a formal complaint from Bank of Baroda, which has accused the telecom company of misusing loan funds and causing substantial financial losses.
Allegations of Loan Diversion and Financial Irregularities
According to the complaint, RCom allegedly diverted funds obtained from Bank of Baroda between 2013 and 2017. The bank claims the company routed loan money through related parties under the guise of legitimate transactions, resulting in alleged misuse of sanctioned credit facilities.
Investigators also cited alleged manipulation of financial records. The complaint states that company books were purportedly altered to conceal irregularities and present a misleading financial position.
The CBI has registered a First Information Report (FIR) under sections related to criminal conspiracy, cheating, and provisions of the Prevention of Corruption Act.
Background: NPA Status and Court Proceedings
RCom’s loan account had been classified as a Non-Performing Asset (NPA) in 2017. However, Ambani had challenged the decision to label the account as “fraud” before the Bombay High Court.
On February 23, 2026, the court lifted its interim stay on the fraud classification. Following the removal of the stay, Bank of Baroda promptly filed its complaint, leading to the registration of the CBI case on February 26.
Bank officials have alleged that the irregularities resulted in losses exceeding ₹2,220 crore.
Searches Conducted in Mumbai
After filing the FIR, CBI teams conducted search operations at Ambani’s residence in Mumbai and at multiple offices of Reliance Communications. Officials confirmed that documents and digital records were seized during the raids.
No arrest has been reported as of publication.
Separate Ongoing Investigation
The agency is already investigating Ambani and RCom in a separate case involving alleged fraud of ₹2,929 crore. That case stems from a complaint filed by a consortium of lenders led by the State Bank of India and 11 other banks.
Both investigations remain ongoing.
