The Central Bureau of Investigation (CBI) on Saturday searched premises linked to Reliance Communications (RCom) and its promoter Anil Ambani in connection
with an alleged bank fraud of more than Rs 2,000 crore. Sources said CBI teams reached Ambani’s south Mumbai residence early in the morning as part of searches across the city. The federal anti-corruption agency recently registered a case against RCom after a complaint by the State Bank of India (SBI). According to the bank, RCom defaulted on loans, causing losses of over Rs 2,227 crore in outstanding dues and Rs 786 crore in bank guarantees, along with accrued interest and expenses. Also Read: ED Issues Lookout Notice Against Anil Ambani, Bars Him From Leaving India Without Permission: Sources SBI had classified RCom and Ambani as "fraud" on June 13, 2025, in line with the Reserve Bank of India’s fraud risk management guidelines. Minister of State for Finance Pankaj Chaudhary told Parliament last month, "On June 24, 2025, the bank reported classification of fraud to RBI, and is also in the process of lodging complaint with CBI." RCom is currently undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. Its resolution plan, approved by the Committee of Creditors, has been filed with the National Company Law Tribunal (NCLT), Mumbai, where approval is pending.
The bank has also initiated personal insolvency proceedings against Ambani, which are being heard by NCLT, Mumbai, Chaudhary said.
SBI had earlier declared Ambani and his company "fraud" in 2020 and filed a complaint with CBI in January 2021, but the case was put on hold following a Delhi High Court status quo order. After a Supreme Court ruling in 2023 requiring lenders to hear borrowers before fraud classification, the bank reversed its earlier decision in September that year.
