The Central Bureau of Investigation (CBI) has filed a case against Reliance Communications (RCOM) and its promoter Anil Ambani over an alleged ₹2,000-crore bank fraud involving the State Bank of India (SBI). Following SBI’s classification of RCOM’s loan account as ‘fraud’ in June 2025 and its complaint to the Reserve Bank of India (RBI), the CBI conducted searches at six locations linked to RCOM and Ambani in Mumbai.
This investigation comes weeks after the Enforcement Directorate (ED) interrogated Ambani for about 10 hours regarding money laundering allegations connected to multiple group companies and bank loans.
Details of the ₹2,000-Crore Bank Fraud Investigation and CBI Raids
The CBI’s investigation is grounded in SBI’s complaint citing significant diversion and misuse of loans extended to RCOM, leading to heavy financial losses for the bank. The fraud was officially classified on June 13, 2025, under RBI’s Master Directions on Fraud Risk Management and SBI’s policies on fraud classification and reporting. SBI’s total exposure stands over ₹2,200 crore in principal and accrued interest since August 2016, with non-fund-based bank guarantees worth ₹786 crore.
The loan consortium includes major banks like Yes Bank, Axis Bank, ICICI Bank, HDFC Bank, UCO Bank, Bank of India, and Punjab and Sind Bank. Following SBI’s complaint filed on June 24, the CBI registered an FIR and performed raids at six premises associated with Ambani and RCOM to seize evidence, documents, and electronic data related to the alleged irregularities.
Background: Financial Troubles and Parallel Enforcement Actions
Reliance Communications has been under financial stress for years, undergoing insolvency proceedings due to steep debt and shrinking revenues. Ambani’s group companies, including Reliance Home Finance and Reliance Commercial Finance, face simultaneous probes by the ED for suspected money laundering involving multi-thousand crore loans from various banks.
The intertwined investigations detail alleged fund diversions and irregularities in loan utilisation across several entities controlled by Ambani. Ambani’s interrogation by the ED in early August lasted nearly 10 hours, focusing on loan transactions and financial decisions, though he denies the allegations, asserting transparency and compliance by his firms. Meanwhile, the CBI and ED continue summoning group executives to deepen the probe.
The Logical Indian’s Perspective
This high-profile case is a reminder of why stringent oversight and prompt action are crucial to maintaining integrity in India’s financial sector. Corporate misgovernance and financial malpractices not only harm banks but erode public confidence in the economy.
While accountability is essential, the importance of ensuring fair legal process and unbiased investigation must not be overlooked. To foster a culture of responsible entrepreneurship, India needs more transparent regulatory frameworks and systemic safeguards that detect and prevent such frauds before they escalate.
