CBI conducts searches at Anil Ambani’s residence and offices, files fresh Rs 2,220 crore bank fraud case

The Central Bureau of Investigation (CBI) has carried out searches at the residence of industrialist Anil Ambani and the registered offices of Reliance Communications Ltd (RCOM) after registering a fresh case alleging bank fraud of more than Rs 2,220 crore, officials said on Feb 26.

The new case was registered based on a complaint filed by the Bank of Baroda on February 24, 2026, in which the bank alleged that it suffered losses exceeding Rs 2,220 crore due to loans extended to RCOM and related entities. The CBI named Anil Ambani, promoter and former chairman of Reliance Communications, along with the company and others, in the FIR.

According to the FIR, the complaint alleges that the loans extended to RCOM were diverted and misused through fictitious transactions involving related parties, and that the company’s financial records were manipulated to conceal irregularities.

The CBI has invoked provisions related to criminal conspiracy, cheating, criminal misconduct and abuse of official position under the Indian Penal Code and the Prevention of Corruption Act.

The loans were reportedly classified as Non-Performing Assets (NPA) in 2017. However, RCOM had secured a stay from the Bombay High Court on declaring the account as fraud; that stay was vacated on February 23, 2026, after which Bank of Baroda filed the complaint with the probe agency.

Following the registration of the case, CBI teams conducted search operations at Ambani’s Mumbai residence and the registered offices of Reliance Communications. Officials said that during the searches, the agency recovered various documents linked to the questioned loan transactions as part of the ongoing investigation.

The present FIR is a separate case from an earlier CBI case registered last year against RCOM based on a complaint by the State Bank of India (SBI), in which the lead bank of an 11-bank consortium had alleged similar loan diversion and fraud.

Bank of Baroda, however, was not part of that consortium. The current case relates to loans obtained from Bank of Baroda, the erstwhile Vijaya Bank and Dena Bank, both of which have since merged into Bank of Baroda.

There was no immediate response from Reliance Communications or Anil Ambani on the fresh action by the probe agency.

The fresh FIR comes amid multiple ongoing legal and regulatory actions involving Ambani and his group companies, including inquiries by the Enforcement Directorate (ED) in alleged money-laundering and bank fraud cases tied to Reliance Communications and associated entities. Some assets linked to Ambani have been attached previously as part of ED’s investigations under the Prevention of Money Laundering Act.