The Central Bureau of Investigation has conducted searches at the residence of Anil Ambani and the registered offices of Reliance Communications in connection with an alleged loan fraud of more than Rs 2,220 crore.
The searches were carried out after the agency registered a second case against Reliance Communications based on a complaint filed by Bank of Baroda on February 24, 2026.
Case Registered On Bank Of Baroda Complaint
According to the CBI, the case has been registered for offences of conspiracy and cheating under the IPC, and criminal misconduct and abuse of official position under the Prevention of Corruption Act. The case names Anil Ambani, promoter and erstwhile chairman of Reliance Communications, the company itself, and others.
The allegations state that Bank of Baroda suffered losses exceeding Rs 2,220 crore due to loans availed by Reliance Communications that were allegedly diverted and misused through fictitious transactions involving related parties. Investigators also alleged that the company’s books of accounts were manipulated and irregularities concealed.
Account Declared NPA In 2017
The loan account had been declared a non-performing asset (NPA) in 2017. However, the complaint was lodged after a stay on fraud classification was vacated by the High Court on February 23, 2026. Following this development, Bank of Baroda filed its complaint, and the CBI registered the case immediately.
Separate Case From Earlier SBI-Led Consortium Probe
The CBI noted that it had already registered another case against Reliance Communications based on a complaint filed by the State Bank of India, which was the lead bank in a consortium of 11 lenders.
However, Bank of Baroda was not part of that consortium. The present case relates to a separate loan obtained by Reliance Communications from Bank of Baroda, the erstwhile Vijaya Bank, and the erstwhile Dena Bank, both of which have since been merged with Bank of Baroda.
Documents Seized, Investigation Ongoing
Following the registration of the case, the CBI conducted searches at Ambani’s residence and the company’s offices. Various documents related to the loan transactions were recovered during the operation.
The investigation in the case is continuing.
