New Delhi | India’s federal investigative agency has registered a new fraud case against industrialist Anil Ambani and several former executives of Reliance Communications (RCom), alleging that the telecom company diverted more than ₹1,085 crore in loans obtained from state-run banks.
The case, filed by the Central Bureau of Investigation (CBI) following a complaint from Punjab National Bank (PNB), adds to a growing list of financial investigations surrounding the once-powerful telecommunications group, which collapsed under heavy debt in recent years.
Investigators say the alleged fraud took place between 2013 and 2017, a period when Reliance Communications was seeking large borrowings from banks even as the Indian telecom industry entered an intense phase of competition and consolidation.
The CBI has registered the case under Sections 420 (cheating) and 120B (criminal conspiracy) of the Indian Penal Code, according to officials familiar with the investigation.
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Banks Allege Misuse of Loan Funds
The investigation stems from a complaint filed by Santoshkrishna Annavarapu, a manager at Punjab National Bank, who alleged that funds borrowed by Reliance Communications were diverted to purposes that were not disclosed to lenders.
According to the complaint, the company’s directors and executives allegedly misappropriated loan amounts obtained from multiple banks, causing substantial financial losses.
The complaint states that the alleged actions led to losses of ₹621.39 crore to Punjab National Bank and ₹463.80 crore to United Bank of India, which has since been merged with PNB.
Investigators say the loan funds were allegedly transferred or invested in transactions that were not reported to the banks, raising questions about how the money was ultimately used.
Authorities are now examining financial records and internal documentation to determine whether the funds were diverted through a network of related companies or other financial channels.
A Pattern of Financial Investigations
The latest case is not the first time Ambani and his telecom company have faced scrutiny from investigators.
Earlier this year, the CBI registered another fraud case involving Bank of Baroda, alleging that Reliance Communications and its promoters had defrauded the bank of more than ₹2,220 crore during the same 2013-2017 period.
Those allegations also centered on claims that loan funds had been diverted in violation of agreements with lenders.
Reliance Communications, once one of India’s largest telecom operators, struggled with mounting debt after the arrival of new competitors and a prolonged price war in the sector.
The company eventually entered insolvency proceedings after failing to repay billions of dollars in loans.
Enforcement Directorate Seizes Assets
Alongside the CBI’s criminal investigations, the Enforcement Directorate (ED) has been pursuing a parallel probe into possible money laundering linked to the company’s financial dealings.
Authorities have attached properties belonging to Ambani and companies associated with the Reliance Group under the Prevention of Money Laundering Act (PMLA).
Among the assets seized is Ambani’s Mumbai residence known as “Abode,” whose value has been estimated at approximately ₹3,716 crore, according to officials.
Investigators say properties located across several Indian cities — including Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, Kanchipuram and East Godavari — have also been attached as part of the ongoing investigation.
In total, authorities say assets worth roughly ₹15,000 crore have been seized so far in connection with the broader case.
Expanding Probe Into a ₹40,000 Crore Banking Exposure
The investigations into Ambani and Reliance Communications form part of a wider inquiry into alleged bank fraud involving the group, which authorities say could involve loan exposures of nearly ₹40,000 crore across multiple financial institutions.
Investigators are now examining lending records, internal communications and corporate transactions to determine whether the funds were intentionally diverted or improperly managed.
The case has drawn considerable attention in India’s financial and legal circles, both because of the scale of the alleged losses and because of Ambani’s prominent position in the country’s corporate landscape.
For now, officials say the investigation remains ongoing, with financial documents and transaction trails continuing to be analyzed as authorities seek to reconstruct how the loans were used and who may have been responsible for the alleged misappropriation.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
