CBI Files Fresh Case Against Anil Ambani And Reliance Communications

NEW DELHI: The CBI has registered a fresh case against industrialist Anil Ambani and Reliance Communications Ltd (RCOM) on charges of alleged cheating and diversion of loan funds, following a complaint by Bank of Baroda.

According to the agency, the case pertains to loans availed during 2013-17, resulting in an alleged wrongful loss of over Rs 2,220 crore to the bank. Searches were conducted on Thursday at the residence of Anil Ambani and the registered offices of Reliance Communications Ltd.

“Following the registration of the case, the CBI conducted searches at the residence of Anil Ambani and at the registered offices of Reliance Communications Ltd., recovering various documents related to the loan transactions,” a CBI spokesperson said.

“The FIR alleges that Bank of Baroda incurred a loss exceeding ₹2,220 crore due to loans availed by Reliance Communications, which were allegedly diverted and misused through fictitious transactions with related parties,” the agency said.

The account was classified as a non-performing asset (NPA) with effect from June 5, 2017. The CBI stated that a stay had been granted earlier by the Bombay High Court on declaration of the account as fraud, based on a petition filed by Anil Ambani. “However, based on the petition filed by Anil Ambani before the Hon'ble High Court of Bombay, there was stay on the declaration of the accounts as a fraud by the Hon'ble High Court. The stay was vacated on 23.02.2026 after which the Bank of Baroda lodged this complaint and the CBI has taken up the case immediately,” it said.

In its complaint, the bank alleged systematic misutilisation of borrowed funds contrary to sanctioned purposes, manipulation of books of account, diversion of loan proceeds and layering of funds.

“RCOM, Reliance Infratel Ltd (RITL), and Reliance Telecom Ltd (RTL), all related parties, cumulatively received Rs 31,580 crore from banks and financial institutions.

“Of these, Rs 6,265.85 crore was utilised for repayment of other banks' loans and Rs 5,501.56 crore for payment to related/connected parties, while Rs 3,674.85 crore was invested in fixed deposits and mutual funds. These investments were liquidated immediately and utilized for payments to related and non-related parties which indicated that utilisation of loan amount was not as per terms of sanction,” the complaint alleged.

The bank further alleged that Rs 1,783.65 crore raised by RITL was utilised by RCOM through Reliance Communications Infrastructure Ltd to clear liabilities or transfer funds to related parties.

“The account was classified as NPA w.e.f. June 5, 2017 due to persistent defaults in repayment obligations and irregularities in fund utilization. Subsequent forensic investigation confirmed diversion and misappropriation of funds, establishing fraudulent intent,” it alleged.

“There are suspicious transactions to related and non-related parties. There are numerous assignments in the books of Reliance Communications Limited, Reliance Infratel Limited and Reliance Telecom Ltd wherein high-value receivable and payable balances were transferred to corresponding parties to the assignment,” it alleged. “It is submitted that the borrower company (Reliance Communications) along with its Promoter and Chairman (Anil Ambani) in pursuance of a well knitted criminal conspiracy and with dishonest intention of causing wrongful loss to our bank and wrongful gain to themselves diverted/siphoned off the funds disbursed to them, dishonestly misappropriated the loan amount,” it alleged.

The CBI said it has already registered a separate case against RCOM based on a complaint by State Bank of India, the lead bank of a consortium of 11 banks. “However, the Bank of Baroda was not part of the said consortium, and this is a different loan availed by the Reliance Communications from Bank of Baroda, the then Vijaya Bank and the then Dena Bank,” it said.

Earlier on Thursday, Ambani appeared before the Enforcement Directorate for a second round of questioning in connection with an alleged bank fraud-linked money laundering case. The ED has recorded his statement under provisions of the Prevention of Money Laundering Act. He was first questioned in August 2025.

The probe relates to an alleged over Rs 40,000 crore bank fraud involving Reliance Communications.