NEW DELHI — The Central Bureau of Investigation (CBI) has formally registered a case against industrialist Anil Ambani, his firm Reliance Communications Limited (RCom), and former director Manjari Ashok Kacker for an alleged bank fraud amounting to over ₹1,085 crore. The move, based on a complaint by Punjab National Bank (PNB), marks a significant escalation in the legal challenges facing the beleaguered industrialist.
The FIR, registered on March 5, 2026, alleges that the accused entered into a criminal conspiracy between 2013 and 2017 to cheat PNB and the now-merged United Bank of India. According to the complaint filed by Santoshkrishna Annavarpu, Chief Manager of PNB’s Stressed Assets Management Branch in Mumbai, the fraudulent activities resulted in a wrongful loss of ₹621.39 crore to PNB and ₹463.80 crore to United Bank of India. Investigators suspect that credit facilities sanctioned to Reliance Communications were dishonestly diverted and misappropriated rather than being used for their intended business purposes.
The loan accounts in question were classified as non-performing assets (NPAs) in 2017 following a failure to maintain financial discipline. However, the situation turned from a business failure to a criminal investigation after a forensic audit by BDO India LLP. The audit, which led the bank to declare the account fraudulent in February 2021, reportedly uncovered evidence of fund diversion and suspicious transactions with related parties.
The CBI has invoked several sections of the Indian Penal Code, including 120B (criminal conspiracy) and 420 (cheating), alongside relevant provisions of the Prevention of Corruption Act. The FIR also names “unknown persons” and “unknown public servants” whose roles in the sanctioning and subsequent oversight of the loans are now under the scanner. While Reliance Communications has been undergoing insolvency proceedings for several years, this criminal case adds a new layer of accountability for its top leadership during the period the alleged fraud occurred.
