CBI files case against Anil Ambani

The Central Bureau of Investigation on Wednesday registered a case against Reliance Communications Ltd (RCom), Anil Ambani, unknown public servants, and unknown others on allegations of causing wrongful loss of Rs 3,750 crore to Life Insurance Corporation (LIC) of India.

The case has been registered on the basis of a complaint received from Life Insurance Corporation of India Ltd. for offences of conspiracy, cheating, misappropriation, and offences under the Prevention of Corruption Act, according to an official statement.

It is alleged that LIC was fraudulently induced to subscribe to Non Convertible Debentures (NCDs) worth Rs 4,500 crore on the basis of false representations made by Reliance Communications Ltd. and its management regarding the financial health of the company, and security and asset cover offered to LIC while subscribing to the NCDs.

The LIC has made this complaint on basis of a forensic audit report dated October 15, 2020 conducted by BDO India LLP, which reported that RCom and its management had resorted to misutilisation of funds raised from banks and financial institutions, routing of funds through subsidiaries, misuse of sale invoice financing, discounting of fictitious bills, systematic siphoning of funds through inter-company deposits and shell related entities, creating and write-off of fictitious debtors and receivables and gross overstatement of security. There was a mismatch between the charges and the assets.

Investigation of the case is in progress, the statement added.

The CBI had earlier registered three cases against RCom Ltd, Anil Ambani, and others on allegations of defrauding a number of banks.

Anil Ambani was also interrogated by the CBI at its head office in Delhi for two days in a row in connection with the alleged Rs 2,929.05 crore SBI fraud case.

The CBI had registered an FIR on August 21, 2025, following a complaint filed by the SBI, in which Reliance Communications Limited, Anil D. Ambani and others, including unknown public servants, are accused.

The State Bank of India (SBI) is the lead bank in the consortium of 11 banks -- Bank of India, Central Bank of India, UCO Bank, Union Bank of India, e-Corporation Bank, Canara Bank, e-Syndicate Bank, Indian Overseas Bank, IDBI Bank Limited, and e-Oriental Bank of Commerce that had extended loans to the Anil Ambani group.

The complaint is based on a forensic audit report that alleges large-scale diversion and misutilisation of loan funds through interlinked and circuitous transactions among group entities during the period 2013-17, resulting in wrongful loss of Rs 2929.05 crore to the SBI out of total exposure of Rs 19, 694.33 crores involving 17 public sector banks, according to an official statement.

Subsequent to the registration of the case, separate complaints were received from the Punjab National Bank, the Bank of India, the Union Bank of India, the UCO Bank, the Central Bank of India, the IDBI Bank, and the Bank of Maharashtra. Further, another case has been registered against Reliance Communications Limited, Anil Ambani and others unknown, including unknown public servants, on February 25 on the basis of a complaint dated February 24, received from the Bank of Baroda, which includes exposure of e-Dena Bank and e-Vijaya Bank.