The Central Bureau of Investigation has filed a criminal case against industrialist Anil Ambani and Reliance Communications Ltd., following a complaint from the State Bank of India alleging a ₹2,929 crore fraud.
The CBI carried out search operations at Ambani’s residence in Mumbai as well as the premises of the now insolvent Reliance Communications. The agency alleged that Ambani and his company misrepresented facts to secure loans and subsequently diverted funds for purposes other than those sanctioned.
According to the CBI, the case was registered on August 21 after the agency received a complaint from Jyoti Kumar of SBI’s Mumbai branch. The bank said the suspected fraud was detected following a forensic audit report submitted in October 2020, covering the period between April 2013 and March 2017.
The complaint alleged that Reliance Communications, in conspiracy with its directors and others, misappropriated funds by entering into transactions in violation of the terms of sanction. Allegations include diversion of loan proceeds to group entities, inter-company transactions, misuse of sales invoice financing, discounting of bills by Reliance Infratel, write-offs of advances to group firms, and creation of fictitious debtors.
A spokesperson for Ambani said the allegations were “baseless and politically motivated”. He added: “The complaint filed by SBI pertains to matters dating back more than a decade, when Ambani served only as a non-executive director of the company. He had no role in day-to-day management.”
The spokesperson further noted that Reliance Communications is under the control of a Committee of Creditors led by SBI and monitored by a court-appointed resolution professional. “Ambani has been selectively singled out despite the matter being sub judice before the NCLT, Supreme Court, and other forums for six years. He strongly denies all allegations and will take necessary legal steps to defend himself,” the statement added.
The CBI action comes days after the Enforcement Directorate questioned Ambani in a separate case. Earlier this month, the ED filed a money laundering complaint against his group companies under the Prevention of Money Laundering Act and is investigating suspected diversion of loan funds worth around ₹3,000 crore.
Last month, ED officials conducted searches at 35 locations linked to Reliance Group in Mumbai and said they were scrutinising financial dealings involving 50 companies and 25 individuals.
The twin actions by the CBI and ED mark a significant escalation of legal pressure on Anil Ambani, the younger brother of Reliance Industries Chairman Mukesh Ambani, whose business empire collapsed under mounting debt in the past decade.
