New Delhi: The Central Bureau of Investigation (CBI) has registered a case against Reliance Communications (RCom) and its promoter-director Anil Ambani over an alleged bank fraud that caused a loss of more than Rs 2,000 crore to the State Bank of India (SBI).
Officials said searches are underway at Ambani’s residence and RCom-linked premises in connection with the case. The move follows a complaint filed by SBI after classifying the account and promoter as ‘fraud’ in line with Reserve Bank of India’s (RBI) Master Directions on Fraud Risk Management.
According to the complaint, SBI’s credit exposure in RCom includes a fund-based principal outstanding of Rs 2,227.64 crore along with accrued interest and expenses from August 26, 2016, and a non-fund-based Bank Guarantee of Rs 786.52 crore.
RCom has been under the Corporate Insolvency Resolution Process (CIRP) since 2020, with a resolution plan approved by creditors and filed before the National Company Law Tribunal (NCLT), Mumbai. The approval is still pending. In addition, SBI has initiated a Personal Insolvency Resolution Process against Anil Ambani, which is currently being heard by the NCLT.
The case has a long procedural history. SBI had first classified the account as ‘fraud’ in November 2020 and filed a complaint with the CBI in January 2021. However, the complaint was returned due to a Delhi High Court order. Later, following a Supreme Court judgment in 2023 that mandated giving borrowers a chance to respond before such classification, the fraud tag was temporarily reversed.
After completing the revised process, SBI again declared RCom and Ambani’s account as ‘fraud’ in September 2024. The CBI has now acted upon the bank’s complaint.
Officials said further investigation is in progress.
