New Delhi: The Central Bureau of Investigation (CBI) has lodged a case against Reliance Communications (RCom) and its promoter-director Anil Ambani over an alleged bank fraud that caused losses of over Rs 2,000 crore to the State Bank of India (SBI).
Officials confirmed that searches are underway at Ambani’s residence as well as premises linked to RCom. The case stems from a complaint filed by SBI, which classified the company’s account and its promoter as “fraud” in line with the Reserve Bank of India’s (RBI) directions on fraud risk management.
According to the complaint, SBI’s total exposure includes a fund-based principal outstanding of Rs 2,227.64 crore along with accrued interest and charges from August 2016, and a non-fund-based bank guarantee worth Rs 786.52 crore.
RCom has remained under the Corporate Insolvency Resolution Process (CIRP) since 2020, with a resolution plan approved by creditors but still pending before the National Company Law Tribunal (NCLT) in Mumbai. In parallel, SBI has also initiated a personal insolvency resolution process against Anil Ambani, which is under consideration at the NCLT.
The case has seen several legal twists. SBI first declared RCom’s account fraudulent in November 2020 and approached the CBI in January 2021. The complaint was returned following a Delhi High Court order. However, a 2023 Supreme Court ruling required banks to give borrowers an opportunity to respond before such a declaration. As a result, the fraud tag was temporarily lifted.
After following the revised process, SBI again categorized RCom and Ambani’s account as “fraud” in September 2024, which led to the CBI’s action this week. Officials said the investigation is ongoing and further details are awaited.
