The Central Bureau of Investigation (CBI) has booked Reliance Communications Ltd (RCOM) and industrialist Anil Ambani in a ₹2,929 crore loan fraud case filed by the State Bank of India (SBI). On Saturday, agency officials conducted searches at RCOM’s offices in Mumbai and at Ambani’s residence, after securing warrants from a special CBI court.
The FIR, based on a complaint by SBI deputy general manager Jyoti Kumar, alleges offences including criminal conspiracy, cheating, breach of trust, and criminal misconduct. It accuses RCOM and its director Anil Ambani of misutilising and diverting funds obtained through credit facilities from SBI.
According to investigators, the funds were allegedly routed through inter-company loans, fictitious debtors, and capital advances, while loan accounts were classified as “fraud” in June under RBI’s fraud risk management directions.
Reliance Communications, currently under insolvency proceedings since 2019, has not commented on the case. A Reliance Group representative said Ambani resigned from RCOM’s board in 2019 and is not a director in any Reliance Group companies at present.