CBI Registers Second Bank Fraud Case Against Anil Ambani, Reliance Communications

CBI Files Fresh Case Against Anil Ambani and RCom

The Central Bureau of Investigation (CBI) has registered a second bank fraud case against Reliance Communications (RCom) chairman Anil Ambani and the company, following a complaint from the Bank of Baroda. The case, filed on February 24, 2026, alleges a fraud of over ₹2,220 crore (approximately ₹2,223.17 crore) committed between 2013 and 2017.

According to the CBI, the complaint from the Bank of Baroda accuses Ambani and RCom of allegedly diverting and misusing loan funds through fictitious transactions with related parties. It is also alleged that the company's books of accounts were manipulated to conceal irregularities. The charges include criminal conspiracy and cheating under sections 120B and 420 of the Indian Penal Code, along with provisions of the Prevention of Corruption Act.

Background to the Investigation

The loan account in question was initially declared a Non-Performing Asset (NPA) in 2017. However, a stay on declaring the accounts as fraudulent was obtained by Anil Ambani from the Bombay High Court. This stay was vacated on February 23, 2026, paving the way for the Bank of Baroda to lodge its complaint with the CBI.

Following the registration of the new case, the CBI conducted searches at Anil Ambani's residence and the registered offices of Reliance Communications, where various documents related to the loan transactions were recovered. The FIR also mentions 'unknown public servants,' suggesting a potential investigation into the role of bank officials in the alleged fraud.

Parallel ED Probe and Asset Attachments

This development comes amidst an ongoing investigation by the Enforcement Directorate (ED) into alleged money laundering cases linked to Anil Ambani and RCom. On Thursday, February 26, 2026, Ambani was questioned by the ED for nine hours in connection with an alleged bank fraud-linked money laundering case. He was also summoned for further questioning on Friday, February 27, 2026, in a separate case related to an alleged loan fraud against Yes Bank.

A day prior, on Wednesday, February 25, 2026, the ED provisionally attached Ambani's Pali Hill residential property in Mumbai, known as 'Abode,' valued at ₹3,716.83 crore. The total value of assets attached so far in connection with the Reliance Group's alleged financial irregularities exceeds ₹15,700 crore. The ED's investigation pertains to an alleged over ₹40,000 crore (or ₹40,185 crore) worth of bank fraud by Reliance Communications.

Previous CBI Case and Broader Debt Issues

This is not the first case registered by the CBI against RCom. The agency had previously filed a case based on a complaint from the State Bank of India (SBI), which was the lead bank of a consortium of 11 lenders. The Bank of Baroda was not part of that earlier consortium, indicating that the current case pertains to a separate set of loans.

Reliance Communications, once a significant player in the telecom sector, filed for insolvency in 2019 and has faced substantial debt. The ongoing investigations highlight the continued scrutiny of the company's financial dealings and its former chairman.