New Delhi: The Central Bureau of Investigation (CBI) has registered a fresh criminal case against Reliance Communications Limited (RCom), its former chairman Anil Ambani, and several others for allegedly defrauding the Life Insurance Corporation of India (LIC) of ₹3,750 crore. This marks the fourth First Information Report (FIR) filed by the agency against the embattled industrialist and his telecom firm in recent weeks. The case, registered on April 1, 2026, includes charges of criminal conspiracy, cheating, and misappropriation, as well as provisions under the Prevention of Corruption Act involving unknown public servants.
According to the CBI, the investigation centers on allegations that LIC was fraudulently induced to subscribe to Non-Convertible Debentures (NCDs) worth ₹4,500 crore between 2009 and 2012. The agency alleges that RCom’s management made false representations regarding the company’s financial health and the adequacy of the asset cover provided to secure the investment. A forensic audit conducted by BDO India LLP reportedly uncovered systematic siphoning of funds through shell companies, the creation of fictitious debtors, and a gross overstatement of security assets, leading to a massive mismatch between the charges and actual underlying assets.
This latest legal challenge comes on the heels of three other major fraud cases registered against the group since late February. On March 5, the CBI booked Ambani and RCom for allegedly cheating a consortium led by Punjab National Bank (PNB) of over ₹1,085 crore. Prior to that, in February, a case was filed involving a ₹2,220-crore loss to the Bank of Baroda. These investigations were triggered after the Bombay High Court vacated an earlier stay on the “fraud” classification of the company’s loan accounts, allowing banks and central agencies to proceed with criminal complaints.
The ongoing investigations have significantly escalated the pressure on Anil Ambani, with the CBI conducting multiple searches at his residences and the corporate offices of Reliance Communications. Once a titan of the Indian telecom sector, RCom is currently undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). As investigators continue to unravel the complex web of alleged fund diversions, the focus remains on whether the misappropriated capital can be traced and recovered for the state-owned financial institutions and thousands of policyholders represented by LIC.
