The Central Bureau of Investigation (CBI) on Saturday carried out raids at locations linked to industrialist Anil Ambani in connection with a loan fraud case worth Rs 2,000 crore.
The central agency had registered a case against Reliance Communications (RCOM) and its promoter Anil Ambani for allegedly defrauding State Bank of India (SBI) of over Rs 2,000 crore. The agency launched searches at multiple locations in Mumbai linked to the company and the industrialist, sources said.
According to official records, the account was declared fraudulent by SBI on June 13, 2025, under the Reserve Bank of India’s Master Directions on Fraud Risk Management and the bank’s Board-approved policy on classification, reporting and management of frauds. Subsequently, on June 24, 2025, SBI reported the fraud to the RBI and initiated the process of filing a complaint with the CBI.
Government's response
Minister of State for Finance Pankaj Chaudhary had informed Parliament about the development in a written reply during the Monsoon Session. “On June 24, 2025, the bank reported classification of fraud to RBI and is also in the process of lodging a complaint with CBI,” Chaudhary had said.
CBI officials confirmed that searches are being carried out at offices and premises linked to RCOM and Anil Ambani in Mumbai. The action follows allegations that the company diverted loan funds, causing significant losses to the banking sector.
Further details on the nature of the fraud and possible involvement of other entities are expected as the investigation progresses.
ED action against Anil Ambani
On August 5, the Enforcement Directorate (ED) questioned Ambani for nearly 10 hours in connection with a money laundering investigation tied to multiple bank loan fraud cases worth several thousand crores involving his group companies.
Ambani, 66, arrived at the ED headquarters in central Delhi at around 10:50 am and left just before 9 pm. His statement was recorded under the Prevention of Money Laundering Act (PMLA).
Loan fraud case against Anil Ambani
Officials said Ambani faced about a dozen questions related to loan transactions and financial decisions. It is understood that he denied any wrongdoing, claiming that his companies had consistently disclosed their financial status to regulators and that all key financial decisions were taken by senior executives of the respective firms.
However, investigators remain unconvinced and may summon him again. Ambani has reportedly sought seven days to provide additional documents supporting his statements regarding major financial decisions, sources said.
The ED issued the summons after conducting searches on July 24 at 35 premises linked to 50 companies and 25 individuals, including senior executives from Ambani’s business group, in Mumbai. A Look Out Circular (LOC) has also been issued against him as part of standard procedure in major bank fraud cases. Some executives from the Reliance Group have been called for questioning later that week.
The investigation involves suspected financial irregularities and alleged diversion of loans exceeding ₹17,000 crore by multiple group companies, including Reliance Infrastructure (R Infra). One major allegation relates to the diversion of around ₹3,000 crore in loans extended by Yes Bank to Ambani’s group companies between 2017 and 2019.
