Sign in Subscribe
Banks (Finance)

CBI Registers Case Against Reliance Communications and Anil Ambani Over Alleged Bank Fraud

Strategic Insights

— 2 min read

The Central Bureau of Investigation (CBI) has registered a case against Reliance Communications (RCOM) and its promoter-director Anil Ambani in connection with an alleged bank fraud that resulted in losses of over Rs.2,000 crore for State Bank of India (SBI). The case stems from a complaint filed by SBI, which declared the accounts of RCOM and related entities as "fraud" on June 13. Searches are underway at Ambani's residence as well as multiple RCOM-linked premises. The bank had previously reported the fraud classification to the RBI on June 24, 2025, and escalated the matter to the CBI.

Key Takeaways:

  • The CBI has registered a case against RCOM and its promoter-director Anil Ambani over an alleged bank fraud that inflicted losses of over Rs.2,000 crore on SBI.
  • The case stems from a complaint filed by SBI, which declared the accounts of RCOM and related entities as "fraud" on June 13.
  • Searches are underway at Ambani's residence as well as multiple RCOM-linked premises.
  • SBI's total credit exposure to RCOM includes a fund-based outstanding principal of Rs.2,227.64 crore, plus accrued interest and expenses since August 2016.
  • A non-fund-based bank guarantee of Rs.786.52 crore was extended to the company.
  • RCOM has been under the Corporate Insolvency Resolution Process since 2019, with a resolution plan approved by creditors and filed with the National Company Law Tribunal (NCLT) in March 2020.
  • The NCLT's approval is still awaited.
  • SBI has also initiated a Personal Insolvency Resolution Process against Anil Ambani, which is currently being heard by the NCLT, Mumbai.
  • The latest CBI action intensifies scrutiny on Ambani and RCOM, once a major telecom player, now mired in mounting debt and protracted insolvency proceedings.

Statistics:

  • Rs.2,000 crore: Estimated losses incurred by State Bank of India (SBI) due to the alleged bank fraud.
  • Rs.2,227.64 crore: Fund-based outstanding principal of SBI's credit exposure to RCOM, including accrued interest and expenses since August 2016.
  • Rs.786.52 crore: Non-fund-based bank guarantee extended by SBI to RCOM.
  • 2019: Year RCOM was admitted to the Corporate Insolvency Resolution Process.
  • 2020 (March): Resolution plan approved by creditors and filed with the National Company Law Tribunal (NCLT) in connection with RCOM's insolvency proceedings.

Sources:

  • Central Bureau of Investigation (CBI)
  • State Bank of India (SBI)
  • RBI's Master Directions on Fraud Risk Management
  • The Indian Express
  • The Indian Awaaz

Read more