CBI Targets Anil Ambani’s RCOM in Rs 2,000-Cr Fraud Probe
Searches Underway as SBI Reports Massive Loss
The Central Bureau of Investigation (CBI) has launched a high-profile investigation into Reliance Communications (RCOM) and its promoter, Anil Ambani, filing a case over an alleged bank fraud causing a loss exceeding Rs 2,000 crore to the State Bank of India (SBI). On Saturday, CBI teams conducted searches at multiple RCOM-linked premises and Ambani’s residences in Mumbai, focusing on evidence related to the financial irregularities, officials confirmed to PTI.
The probe follows SBI’s classification of RCOM and Ambani as “fraudulent” on June 13, 2025, under the Reserve Bank of India’s (RBI) Master Directions on Fraud Risk Management, as disclosed by Minister of State for Finance Pankaj Chaudhary in a Lok Sabha reply on July 21, 2025.
SBI reported the fraud to the RBI on June 24 and initiated a formal complaint with the CBI, prompting swift action. The case centers on allegations that RCOM misappropriated funds through falsified accounts and diverted loans, contributing to its default of over Rs 14,000 crore, with Rs 1,050 crore also owed to Canara Bank, as per The Economic Times.
This marks the second CBI action against RCOM, following a 2020 complaint that was stalled by a Delhi High Court order in 2021. A 2023 Supreme Court ruling mandated lenders to allow borrowers representation before fraud classification, leading SBI to reclassify RCOM in 2025.
The Enforcement Directorate (ED) is also probing Ambani for money laundering linked to Rs 17,000 crore in loan frauds, with searches conducted on August 5, 2025, across 35 locations. Posts on X reflect public outrage, with users demanding accountability for corporate defaults.
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RCOM, under insolvency proceedings since 2020, faces scrutiny for undisclosed offshore assets and complex financial structures, as noted by India Today. The CBI’s ongoing searches aim to uncover incriminating documents, with further details expected as the investigation deepens into one of India’s largest banking scams.
Also Read: ED Raids Anil Ambani’s Firms in ₹3,000 Crore Yes Bank Fraud Probe
