CBI registers second “bank fraud” case against RCom and Anil Ambani, conducts searches

The Central Bureau of Investigation has conducted searches on the premises of businessman Anil Ambani after registering a second case against him and Reliance Communications Limited for allegedly cheating the Bank of Baroda of ₹2,220 crore.

On Thursday, Mr. Ambani appeared before the Enforcement Directorate for recording his statement under the Prevention of Money Laundering Act in connection with another alleged bank loan fraud case.

The CBI registered the fresh First Information Report on February 24 based on a complaint filed by the bank against RCom, its promoter and former chairman Mr. Ambani, and others. The loan funds were allegedly diverted through fictitious transactions with related parties. The books of accounts of RCom were manipulated and irregularities concealed, it was alleged.

According to the CBI, the loan account was declared a non-performing asset in 2017. However, following a petition filed by Mr. Ambani in the High Court of Bombay, there was a stay on the declaration of the accounts as fraud. It was vacated on February 23, after which the bank lodged the complaint with the agency.

The CBI has already registered another case against RCom following a complaint lodged by the State Bank of India, the lead bank of a consortium comprising 11 banks. The Bank of Baroda was not part of that group of lenders. The second case pertains to another loan taken from the Bank of Baroda, the then Vijaya Bank and the then Dena Bank, which later merged with the Bank of Baroda.

“After registration of this case, the CBI has conducted searches at the residence of Anil Ambani and the registered offices of Reliance Communication Ltd. Various documents connected with this loan transactions have been recovered,” it said.

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On Wednesday, the ED attached Mr. Ambani’s Pali Hill residential property in Mumbai worth ₹3,716.83 crore in the alleged RCom bank fraud case, taking the total value of attachments so far to over ₹15,700 crore pertaining to the group. It is alleged that RCom and its group companies had taken loans from domestic and foreign lenders, of which a total amount of ₹40,185 crore is outstanding.

“ED investigation has revealed that among other assets, the Pali Hill property was aggregated into the RiseE Trust, a private family trust of the members of Mr. Anil Ambani’s family. This was done to make it appear as though Mr. Anil Ambani is not involved,” the ED said.

The agency had earlier questioned the businessman in August 2025 and arrested former RCom director Punit Garg in January.