New Delhi: In a significant development involving one of India’s prominent corporate groups, the central investigating agency has registered a fresh FIR against industrialist Anil Ambani and his company Reliance Communications (RCom) in an alleged bank fraud case. The move comes shortly after he was subjected to prolonged questioning, signaling a renewed push in the investigation.
According to sources, the case has been initiated based on a complaint filed by the State Bank of India (SBI), which has alleged that Reliance Communications and its officials violated loan conditions, leading to an alleged misappropriation of approximately ₹2929 crore. The bank claims that these irregularities resulted in substantial financial losses.
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It is learnt that Anil Ambani had recently appeared before investigators in Delhi, where he was questioned for nearly eight hours. During the session, officials examined various aspects of the company’s financial transactions, utilisation of loans, and alleged procedural violations.
Investigators suspect that RCom diverted loan funds in violation of agreed terms and engaged in transactions that were inconsistent with banking norms and contractual obligations. Based on these findings, SBI had classified the accounts as ‘fraud’ in June last year, significantly escalating the seriousness of the case.
Another key individual linked to the matter is Amit Dangi, a whole-time director at Authum Investment & Infrastructure Ltd. He was also summoned and questioned for several hours. The firm has taken control of certain financial assets of Reliance group entities that are currently under scrutiny, further widening the scope of the investigation.
Looking at the broader context, Reliance Communications—once a major player in India’s telecom sector—has been grappling with mounting debt and operational setbacks for several years. The company is presently undergoing insolvency proceedings, adding further complexity to its financial and legal challenges.
Meanwhile, the investigation has expanded to cover related cases as well. In March, Anil Ambani’s son, Jai Anmol Ambani, was questioned in connection with an alleged ₹228 crore fraud case linked to Reliance Home Finance Ltd. The case involves allegations of criminal conspiracy, cheating, and financial misconduct against former executives and others associated with the company.
The developments also come against the backdrop of strong observations made by the Supreme Court. The apex court had earlier expressed concern over delays in the investigation and termed the pace of progress as “unacceptable.” It had emphasized the need for a fair and time-bound probe, directing investigating agencies to periodically submit status reports.
The origins of the case trace back to earlier action taken last year when an initial FIR was filed, prompting further investigation by enforcement authorities. The primary focus remains on Reliance Communications and its associated entities, which had collectively availed loans exceeding ₹40000 crore from Indian and foreign banks between 2010 and 2012. Several of these accounts were subsequently declared fraudulent by lending institutions.
With the registration of the fresh FIR, the case has regained momentum. Further rounds of questioning, scrutiny of financial records, and possible legal action are expected in the coming days. The case has now moved beyond an individual or a single company, raising broader concerns about accountability, corporate governance, and transparency within the banking system.
