The Central Bureau of Investigation (CBI) carried out searches at Anil Ambani’s residence at Cuffe Parade in Mumbai and at the official premises of Reliance Communications Ltd. on Saturday. The move came after the agency registered a case based on a complaint from State Bank of India (SBI), which said it suffered losses of Rs 2,929 crore due to alleged fraud by the company.
According to the FIR, the bank claimed that Reliance Communications, Reliance Telecom Ltd., and Reliance Infratel Ltd. together raised Rs 31,580 crore from various lenders. The complaint alleged misrepresentation, diversion of funds, and fraudulent transactions.
A spokesperson for Anil Ambani said on Saturday, “The search at Mr. Anil D. Ambani’s residence concluded early this afternoon. The complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years. At the relevant time, Mr. Ambani was a Non-Executive Director of the company, with no involvement in the day-to-day management.”
The statement added, “It is pertinent to note that SBI, by its own order, has already withdrawn proceedings against five other Non-Executive Directors. Despite this, Mr. Ambani has been selectively singled out.”
It further said, “At present, Reliance Communications is being managed under the supervision of a Committee of Creditors, led by SBI and overseen by a Resolution Professional. The matter remains sub judice, pending before the NCLT and other judicial forums, including the Hon’ble Supreme Court, for the past six years. Mr. Ambani has duly challenged SBI’s declaration before the competent judicial forum. Mr. Ambani strongly denies all allegations and charges, and will duly defend himself.”
Also Read: Anil Ambani now faces CBI heat in bank fraud case; premises linked to ADAG raided
Alleged offences and audit findings
The CBI has charged Reliance Communications and Ambani with criminal conspiracy, cheating, and criminal breach of trust. “It is alleged that the accused persons, in criminal conspiracy, misrepresented and got sanctioned credit facilities from SBI in favour of Reliance Communication Ltd,” a CBI spokesperson said.
Investigators allege the loans were diverted. The complaint lists misutilisation of funds, inter-company transactions, routing of loans, sales invoice financing, and discounting of Reliance Communications’ bills by Reliance Infratel Ltd.
A forensic audit ordered by SBI in 2020 found that out of Rs 31,580 crore received by Reliance Communications and its subsidiaries, Rs 13,667 crore was used for repaying bank loans and Rs 12,692 crore was paid to connected parties. Investments worth Rs 1,883 crore were also flagged, most of which were liquidated and transferred to other entities.
The audit also red-flagged a capital advance of Rs 5,525 crore to Netizen Engineering Pvt. Ltd., a group company of the Reliance ADA Group. The report noted that assets acquired by Netizen from Millennium Private Network Ltd. were transferred to Reliance Communications Infrastructure Ltd., and the capital advance was written off.
According to the audit, “Transactions appear to be an attempt at diversion of funds by manipulation of books of accounts through fictitious accounts and fictitious entries. It appears that they have committed the offences of misappropriation of funds and breach of trust with dishonest intention.”
SBI’s classification and legal background
SBI had first classified Ambani and Reliance Communications’ account as ‘fraud’ in November 2020, before filing a complaint with the CBI in January 2021. The complaint was returned following a Delhi High Court order maintaining status quo.
A Supreme Court ruling in March 2023 required lenders to hear borrowers before declaring them fraudulent. SBI reversed its earlier decision in September 2023 but restarted the process later in line with an RBI circular issued in July 2024. The account was again labelled as ‘fraud’.
The CBI obtained search warrants from a special court in Mumbai on 22 August 2025 and proceeded with the raids two days later.
Wider scrutiny of Reliance Group
This CBI case comes weeks after the Enforcement Directorate searched 35 locations linked to the Reliance Group in a separate probe into alleged money laundering. The group had denied wrongdoing at that time.
SBI has not responded publicly to the latest developments. Ambani, meanwhile, has reiterated through his spokesperson that he will contest the charges in court.
According to the FIR, the bank claimed that Reliance Communications, Reliance Telecom Ltd., and Reliance Infratel Ltd. together raised Rs 31,580 crore from various lenders. The complaint alleged misrepresentation, diversion of funds, and fraudulent transactions.
A spokesperson for Anil Ambani said on Saturday, “The search at Mr. Anil D. Ambani’s residence concluded early this afternoon. The complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years. At the relevant time, Mr. Ambani was a Non-Executive Director of the company, with no involvement in the day-to-day management.”
The statement added, “It is pertinent to note that SBI, by its own order, has already withdrawn proceedings against five other Non-Executive Directors. Despite this, Mr. Ambani has been selectively singled out.”
It further said, “At present, Reliance Communications is being managed under the supervision of a Committee of Creditors, led by SBI and overseen by a Resolution Professional. The matter remains sub judice, pending before the NCLT and other judicial forums, including the Hon’ble Supreme Court, for the past six years. Mr. Ambani has duly challenged SBI’s declaration before the competent judicial forum. Mr. Ambani strongly denies all allegations and charges, and will duly defend himself.”
Also Read: Anil Ambani now faces CBI heat in bank fraud case; premises linked to ADAG raided
Alleged offences and audit findings
The CBI has charged Reliance Communications and Ambani with criminal conspiracy, cheating, and criminal breach of trust. “It is alleged that the accused persons, in criminal conspiracy, misrepresented and got sanctioned credit facilities from SBI in favour of Reliance Communication Ltd,” a CBI spokesperson said.
Investigators allege the loans were diverted. The complaint lists misutilisation of funds, inter-company transactions, routing of loans, sales invoice financing, and discounting of Reliance Communications’ bills by Reliance Infratel Ltd.
A forensic audit ordered by SBI in 2020 found that out of Rs 31,580 crore received by Reliance Communications and its subsidiaries, Rs 13,667 crore was used for repaying bank loans and Rs 12,692 crore was paid to connected parties. Investments worth Rs 1,883 crore were also flagged, most of which were liquidated and transferred to other entities.
The audit also red-flagged a capital advance of Rs 5,525 crore to Netizen Engineering Pvt. Ltd., a group company of the Reliance ADA Group. The report noted that assets acquired by Netizen from Millennium Private Network Ltd. were transferred to Reliance Communications Infrastructure Ltd., and the capital advance was written off.
According to the audit, “Transactions appear to be an attempt at diversion of funds by manipulation of books of accounts through fictitious accounts and fictitious entries. It appears that they have committed the offences of misappropriation of funds and breach of trust with dishonest intention.”
SBI’s classification and legal background
SBI had first classified Ambani and Reliance Communications’ account as ‘fraud’ in November 2020, before filing a complaint with the CBI in January 2021. The complaint was returned following a Delhi High Court order maintaining status quo.
A Supreme Court ruling in March 2023 required lenders to hear borrowers before declaring them fraudulent. SBI reversed its earlier decision in September 2023 but restarted the process later in line with an RBI circular issued in July 2024. The account was again labelled as ‘fraud’.
The CBI obtained search warrants from a special court in Mumbai on 22 August 2025 and proceeded with the raids two days later.
Wider scrutiny of Reliance Group
This CBI case comes weeks after the Enforcement Directorate searched 35 locations linked to the Reliance Group in a separate probe into alleged money laundering. The group had denied wrongdoing at that time.
SBI has not responded publicly to the latest developments. Ambani, meanwhile, has reiterated through his spokesperson that he will contest the charges in court.
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