The Central Bureau of Investigation (CBI) has filed a case against Reliance Communications (RCom) and its promoter-director Anil Ambani over an alleged bank fraud that caused losses of more than ₹2,000 crore to the State Bank of India (SBI).
Officials confirmed that CBI teams searched Anil Ambani’s residence and several RCom-linked properties as part of the ongoing probe.
What is the case about?
SBI declared Reliance Communications and Anil Ambani as “fraud” earlier this year, following RBI’s fraud risk management guidelines.
As per official records, SBI’s exposure to RCom includes:
₹2,227.64 crore (fund-based principal outstanding as of August 2016)
₹786.52 crore (non-fund-based bank guarantees)
RCom’s Insolvency Battle
Reliance Communications has been under the Corporate Insolvency Resolution Process (CIRP) since 2019.
A resolution plan was cleared by creditors and sent to NCLT in March 2020, but final approval is still pending.
Separately, SBI has also launched a personal insolvency case against Anil Ambani, which is being heard by NCLT, Mumbai.
A Long Legal Timeline
Nov 2020 — SBI classified RCom and Anil Ambani’s account as fraud.
Jan 2021 — SBI filed a complaint with CBI, but proceedings were stalled after a Delhi HC status quo order.
Mar 2023 — The Supreme Court ruled that borrowers must be heard before being declared fraudulent.
Sept 2023 — SBI reversed its fraud classification.
July 2024 — SBI reclassified RCom and Ambani’s account as fraud, after due process.
Why it matters
With the CBI now formally registering a case and conducting searches, the investigation into one of India’s biggest alleged corporate frauds has entered a new phase — potentially impacting both Anil Ambani’s legal battles and the broader narrative around corporate accountability.
