CBI raids Anil Ambani, RCOM-linked premises in Rs 2,000-crore SBI fraud case

The CBI on Saturday (August 23) conducted searches at the premises linked to RCOM and its Promoter Director Anil Ambani in relation to the case it filed against Reliance Communications, which involves an alleged bank fraud that caused a loss of over Rs 2,000 crore to the State Bank of India.

As per the RBI's Master Directions on Fraud Risk Management and Bank's Board-approved Policy on Classification, Reporting and Management of Frauds, the entities were classified as fraud on June 13.

The information was revealed by Minister of State for Finance Pankaj Chaudhary had said in a written reply in the Lok Sabha last month.

"On June 24, 2025, the bank reported classification of fraud to RBI, and is also in the process of complaining with CBI," he had said.

Also Read: Anil Ambani appears before ED for questioning in bank loan 'fraud' probe; what is the case?

Questioned by ED

The development comes days after the Enforcement Directorate (ED) questioned Anil Ambani on August 5 regarding alleged money laundering involving multiple bank loan frauds totalling over Rs 17,000 crore.

The ED is investigating alleged financial irregularities and loan diversions by Reliance Group companies, including Reliance Infrastructure and Reliance Communications. The probe stems from CBI FIRs and reports from National Housing Bank, SEBI, and other financial institutions, indicating a "well-planned scheme" to siphon public money.

Also Read: ED raids Anil Ambani group companies in Yes Bank loan 'fraud' case

Allegations against Anil Ambani

Yes Bank diverted Rs 3,000 crore to Reliance companies between 2017 and 2019, with suspected bribery involving bank promoters. The agency identified issues, including loans to weak entities, improper documentation, and backdated approvals.

Additional investigations include Rs 1,050 crore fraud involving Canara Bank after SBI classified RCOM as fraudulent in 2020, and alleged Rs 10,000 crore diversion by R Infra to undisclosed entities flagged by SEBI.

ED arrested Partha Sarathi Biswal for providing fake bank guarantees worth Rs 68.2 crore to Solar Energy Corporation using spoofed SBI domains. The agency conducted searches at 35 premises and issued Look Out Circulars against Ambani.

Reliance Group denied wrongdoing, stating the Rs 10,000 crore matter was resolved through mediation with 100% recovery of Rs 6,500 crore exposure. They emphasised that Ambani left R Infra's board in March 2022.

(With agency inputs)