AMN / WEB DESK
The Central Bureau of Investigation (CBI) has registered a case against Reliance Communications (RCOM) and its promoter-director Anil Ambani in connection with an alleged bank fraud that inflicted losses of over ₹2,000 crore on State Bank of India (SBI). Officials confirmed on Saturday that searches are underway at Ambani’s residence as well as multiple RCOM-linked premises.
The case stems from a complaint filed by SBI, which declared the accounts of RCOM and related entities as “fraud” on June 13, under the RBI’s Master Directions on Fraud Risk Management. The bank subsequently reported the fraud classification to the RBI on June 24, 2025, and escalated the matter to the CBI.
According to the government’s disclosure in Parliament, SBI’s total credit exposure to RCOM includes a fund-based outstanding principal of ₹2,227.64 crore, plus accrued interest and expenses since August 2016. Additionally, a non-fund-based bank guarantee of ₹786.52 crore was extended to the company.
RCOM has been under the Corporate Insolvency Resolution Process since 2019, with a resolution plan approved by creditors and filed with the National Company Law Tribunal (NCLT) in March 2020. The NCLT’s approval is still awaited. Meanwhile, SBI has also initiated a Personal Insolvency Resolution Process against Anil Ambani, which is currently being heard by the NCLT, Mumbai.
The latest CBI action intensifies scrutiny on Ambani and RCOM, once a major telecom player, now mired in mounting debt and protracted insolvency proceedings.