CBI Raids Anil Ambani’s Home in ₹2,000 Cr Loan ‘Fraud’ Linked to RCom, Files FIR

Months after the State Bank of India (SBI) declared loans worth over ₹2,000 crore given to bankrupt Reliance Communications (RCom) as fraudulent, the Central Bureau of Investigation (CBI) has filed an FIR against the company and its promoter-director, Anil Ambani. The agency also reportedly carried out searches at Ambani’s residence and premises linked to RCom.

A CBI team from Delhi conducted searches at Anil Ambani’s Mumbai residence early in the morning, with Ambani, his wife, and their children present at the time, according to PTI.

The search follows a complaint by SBI, which had declared RCom and related entities fraudulent on June 13 under Reserve Bank of India (RBI) guidelines. SBI later informed the RBI of this classification on June 24 and began the process of filing a case with the CBI.

SBI’s exposure to RCom includes a fund-based outstanding of ₹2,227.64 crore, with interest and charges since August 2016, along with a non-fund-based bank guarantee of ₹786.52 crore. RCom has been undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), with a resolution plan approved by creditors in March 2020 and awaiting clearance from the National Company Law Tribunal (NCLT), Mumbai.

The bank has also initiated personal insolvency proceedings against Anil Ambani under IBC, which are being heard at the NCLT. SBI had earlier marked Ambani and the company as ‘fraud’ in November 2020 and filed a complaint with the CBI in January 2021, but this was returned following a Delhi High Court status quo order.

In March 2023, the Supreme Court ruled that banks must give borrowers a chance to be heard before declaring accounts fraudulent. Following this judgment, SBI reversed its fraud classification in September 2023 but reapplied it in July 2024 after completing the required process.

Minister of State for Finance Pankaj Chaudhary told the Lok Sabha last month, in a written reply, that the RCom account was classified as ‘fraud’ after due process as per the RBI circular dated July 15, 2024.

Earlier, Anil Ambani’s legal team said he was “shocked” to receive an ex-parte order from the bank’s Fraud Identification Committee without being given a hearing. They argued that SBI did not respond to his previous letter and that Ambani, as a non-executive director, was not involved in RCom’s daily operations during the period in question. His team also claimed he was denied an opportunity to defend himself and urged the bank to withdraw the fraud classification.

Mounting Trouble for Anil Ambani

The CBI’s FIR against Anil Ambani comes alongside an Enforcement Directorate (ED) probe into alleged loan frauds linked to Yes Bank. The main charges involve the alleged diversion of loans worth about ₹3,000 crore, extended by Yes Bank to Ambani’s group companies between 2017 and 2019. Investigators suspect that money was first channelled to companies controlled by Yes Bank promoters before the loans were sanctioned, pointing to a possible quid pro quo arrangement. The ED is examining whether these loans were cleared in violation of the bank’s credit policy, including the use of back-dated approval documents and investments made without due diligence.

The money-laundering case draws on at least two earlier CBI cases, as well as findings shared by the National Housing Bank, SEBI, the National Financial Reporting Authority, and Bank of Baroda. Officials say the reports suggest a “well-planned scheme” to siphon public money by misleading banks, shareholders, investors, and regulators.

Another line of investigation by the ED, based on a SEBI report, focuses on Reliance Infrastructure (R Infra). It is alleged that the company diverted funds disguised as inter-corporate deposits (ICDs) through an entity called CLE, which was not disclosed as a related party to bypass mandatory approvals. SEBI’s findings also highlighted concerns about an alleged diversion of ₹10,000 crore.

In total, alleged financial irregularities involving Ambani’s companies, including R Infra, are reportedly pegged at more than ₹17,000 crore. On August 5, Anil Ambani appeared before the ED in Delhi for questioning in connection with the case. His summons followed searches conducted on July 24 at 35 premises linked to 50 companies and 25 individuals, including senior executives of the Reliance Group.