The Central Bureau of Investigation (CBI) has registered a case against Reliance Communications (RCOM) and its promoter-director Anil Ambani for an alleged bank fraud that resulted in losses exceeding ₹2,000 crore to the State Bank of India (SBI), officials confirmed on Saturday. Searches were conducted at Ambani’s residence and RCOM-related locations following a complaint from SBI, which classified the account as fraud on June 13 under RBI’s Master Directions and its internal fraud management policy.
In a Lok Sabha reply last month, Minister of State for Finance Pankaj Chaudhary stated that SBI reported the fraud to the RBI on June 24, 2025, and was preparing to lodge a CBI complaint. SBI’s exposure includes ₹2,227.64 crore in fund-based dues and ₹786.52 crore in non-fund-based bank guarantees.
RCOM is currently undergoing insolvency proceedings, with a resolution plan filed before the NCLT Mumbai in March 2020, awaiting approval.
SBI had previously classified the account as fraud in 2020, but the complaint was withdrawn after a Delhi High Court stay. After a 2023 Supreme Court ruling, SBI reprocessed the case and reclassified the account as fraud in June 2025.
