The CBI on Saturday conducted searches at Anil Ambani’s residence and various premises connected to RCom in relation to the case, official sources said
CBI has filed a case against Reliance Communications (RCom) and its promoter-director Anil Ambani. File Pic
The Central Bureau of Investigation (CBI) has filed a case against Reliance Communications (RCom) and its promoter-director Anil Ambani for an alleged bank fraud exceeding Rs 2,000 crore, causing losses to the State Bank of India (SBI), officials said on Saturday, reported the PTI.
The CBI on Saturday also conducted searches at Anil Ambani’s residence and various premises connected to RCom in relation to the case, sources said.
The action follows a formal complaint from SBI, which approached the CBI after RCom and its associated entities were classified as fraudulent on June 13, 2025, in accordance with the RBI’s Master Directions on Fraud Risk Management and the bank’s internal policy on fraud classification and reporting, according to the PTI.
Minister of State for Finance, Pankaj Chaudhary had earlier informed Parliament that SBI officially reported the fraud to the Reserve Bank of India (RBI) on June 24 2025 and was in the process of lodging a complaint with the CBI, as per the PTI.
The minister had stated that SBI’s exposure to RCom includes fund-based loans with a principal outstanding of Rs 2,227.64 crore, plus accrued interest and expenses since 26 August 2016. Additionally, the bank had issued a non-fund-based bank guarantee worth Rs 786.52 crore.
RCom is presently undergoing Corporate Insolvency Resolution under the Insolvency and Bankruptcy Code (IBC), 2016. The resolution plan was approved by the Committee of Creditors and submitted to the National Company Law Tribunal (NCLT), Mumbai, on 6 March 2020. The approval is still pending, the news agency reported.
SBI has also initiated a Personal Insolvency Resolution Process against Anil D Ambani under the IBC, which is currently being heard by NCLT, Mumbai.
SBI had initially classified both the account and Anil Ambani as 'fraudulent' on November 10, 2020 and lodged a complaint with the CBI on January 5, 2021. However, the complaint was returned due to a Delhi High Court ‘status quo’ order dated January 6, 2021.
Subsequently, the Supreme Court, in a judgement dated March 27, 2023 (State Bank of India & Others vs Rajesh Agarwal & Others), ruled that borrowers must be given an opportunity to respond before being classified as fraudulent.
As a result, the earlier fraud classification was reversed by SBI on September 2, 2023. However, after following the updated procedures outlined in the RBI circular dated 15 July 2024, the account was once again classified as fraud.
(with PTI inputs)
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