Anil Ambani faces fresh CBI case over LIC fraud allegations

The Central Bureau of Investigation (CBI) has registered another case against Anil Ambani and others for allegedly defrauding Life Insurance Corporation of India of over ₹4,500 crore between 2009 and 2017.

The FIR names Reliance Communications, Ambani, the then non-executive chairman and unknown public servants, accusing them of criminal conspiracy, cheating, and criminal breach of trust.

As per the complaint filed by LIC, the insurer invested ₹4,500 crore in secured non-convertible debentures (NCDs)

issued by RCOM in two tranches—₹3,000 crore in March 2009 and ₹1,500 crore in February 2012. Of this, ₹3,750 crore remains unpaid.

LIC said it was induced to invest based on specific assurances by RCOM about its financial health, the intended use of funds, and the security backing the instruments. The company had stated that the funds would be used for telecom expansion and refinancing debt.

However, a forensic audit later found that these claims were false and funds were allegedly diverted.

RCOM had offered a first charge on movable assets of group entities, along with telecom licences, and claimed asset cover of up to 1.75 times.

Also read: CBI conducts searches at the offfice and residence of Anil Ambani in RCoM loan case

But the audit revealed that total liabilities charged to lenders stood at ₹49,111 crore, far exceeding the combined asset base of ₹26,163 crore. This meant the security offered was either overstated or already encumbered, making it effectively meaningless.

The account slipped into default in May 2017 and was classified as a non-performing asset in August that year. Despite repeated demands, LIC has not recovered the outstanding dues, with interest continuing to accrue.

CBI has been probing Anil Ambani in multiple alleged loan fraud cases linked to Reliance Communications since 2025, involving over ₹40,000 crore in lender exposure across banks like SBI, Bank of Baroda, and PNB.

So far, the CBI has registered at least three FIRs, ₹2,929 crore (SBI), ₹2,220 crore (BoB), and ₹1,085 crore (PNB), flagging fund diversion and fictitious transactions.

Investigations intensified after forensic audits and RBI fraud classification. In March 2026, Ambani was questioned for hours, while senior group executives were also summoned as part of the ongoing probe.

Also read: Anil Ambani offers repayment plan as Supreme Court questions probe delays