Amid heightened scrutiny of large corporate loan defaults, the Central Bureau of Investigation (CBI) has registered a second bank fraud case against industrialist Anil Ambani and his company Reliance Communications (RCom). The action follows a complaint filed by Bank of Baroda alleging cheating and criminal conspiracy involving ₹2,220 crore.
Bank of Baroda’s Allegations
According to officials, the bank has alleged that credit facilities extended to RCom were not properly utilised, resulting in substantial financial losses. The complaint cites serious irregularities in the use of loan funds and repayment patterns, prompting the matter to be referred to the central agency for investigation.
CBI Searches and Seizures
Following the registration of the FIR, the CBI conducted searches at premises linked to Anil Ambani. Investigators seized documents, electronic devices and records related to financial transactions. Officials said the materials will undergo forensic examination before further action is considered.
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Probe into Fund Diversion and Conspiracy
Sources indicated that the agency is probing whether there was diversion of loan funds, misrepresentation to the lending bank, and any element of criminal conspiracy. The investigation will examine the loan sanction process, board-level decisions, internal communications, and the complete fund flow trail.
ED Summon and RCom Background
On the same day, Anil Ambani appeared before the Enforcement Directorate (ED) in New Delhi to record his statement under the Prevention of Money Laundering Act (PMLA) in connection with a separate matter. While the ED probe is based on a different predicate offence, financial linkages are understood to be under scrutiny.
Reliance Communications, once among India’s leading telecom operators, has undergone insolvency proceedings in recent years due to mounting debt. The company’s debt restructuring and asset monetisation efforts had already drawn attention. The registration of a fresh criminal case could potentially add to its legal challenges.
The CBI has not confirmed any arrests so far, stating that the investigation is at a preliminary stage and further action will depend on verification of evidence. In recent months, central agencies have intensified their focus on high-value loan defaults and alleged financial irregularities in the corporate sector.
Experts note that such investigations tend to be prolonged, given the complexity of multi-layered financial records, long sanction timelines and inter-company transactions. For now, the ₹2,220 crore alleged bank fraud case has once again brought corporate accountability and banking oversight into sharp focus.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
