New Delhi: The Central Bureau of Investigation (CBI) has registered a case against Reliance Communications (RCOM) and its promoter director Anil Ambani in connection with an alleged bank fraud that caused a loss of over Rs 2,000 crore to the State Bank of India (SBI), officials said on Saturday.
The agency is conducting searches at Anil Ambani’s residence as well as premises linked to RCOM in connection with the case.
The CBI action follows a complaint from SBI, which had approached the agency after RCOM and its promoter were classified as “fraud” on June 13, in line with the Reserve Bank of India’s Master Directions on Fraud Risk Management and the bank’s Board-approved Policy on Classification, Reporting & Management of Frauds.
“On June 24, 2025, the bank reported the fraud classification to the RBI and is also in the process of lodging a complaint with the CBI,” Minister of State for Finance Pankaj Chaudhary had informed the Lok Sabha in a written reply last month.
The bank’s credit exposure to RCOM includes a fund-based principal outstanding of Rs 2,227.64 crore, along with accrued interest and expenses from August 26, 2016, and a non-fund-based bank guarantee of Rs 786.52 crore, the minister added.
RCOM is undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Its resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020, although NCLT approval is still awaited.
SBI has also initiated a Personal Insolvency Resolution Process against Anil D. Ambani, which is currently being heard by the NCLT, Mumbai.
The account and promoter Anil D. Ambani were first classified as “fraud” by SBI on November 10, 2020, with a complaint filed with the CBI on January 5, 2021. However, the complaint was returned following a “status quo” order by the Delhi High Court dated January 6, 2021.
A Supreme Court ruling on March 27, 2023, in the State Bank of India & Others vs Rajesh Agarwal & Others case mandated that lenders provide borrowers an opportunity to be heard before classifying accounts as fraud. Following this, SBI had reversed the fraud classification on September 2, 2023.
The fraud classification process was subsequently re-run, and the account was again classified as “fraud” after adhering to the RBI circular dated July 15, 2024, and completing all due process requirements.
With PTI inputs