The Central Bureau of Investigation (CBI) on Saturday carried out raids at multiple locations in Mumbai linked to industrialist Anil Ambani and his company Reliance Communications (RCOM) in connection with a ₹2,000 crore loan fraud case.

The action comes after the State Bank of India (SBI) filed a complaint against RCOM and Ambani, alleging that the company diverted funds obtained through loans, causing significant losses to the banking sector.

According to official records, SBI had on June 13, 2025, classified the Reliance Communications account as fraudulent, in line with the RBI’s Master Directions on Fraud Risk Management. The bank subsequently reported the matter to the Reserve Bank of India on June 24, 2025, and moved to file a formal complaint with the CBI.

Sources confirmed that CBI officers were conducting searches at offices, residences, and other premises linked to Ambani and the company. Further details on the diversion of funds and involvement of associated entities are expected as the investigation progresses.

Government and financial sector response

During the Monsoon Session of Parliament, Minister of State for Finance Pankaj Chaudhary had disclosed in a written reply that SBI had officially reported the fraud and initiated a complaint with the CBI. The disclosure highlighted growing government attention to high-value loan defaults and frauds involving major corporates.

Officials have suggested that more financial institutions may have exposure to Reliance Group companies, widening the scope of the probe.

ED’s action against Anil Ambani

The CBI raids come close on the heels of enforcement action by the Enforcement Directorate (ED). On August 5, 2025, Anil Ambani, 66, was questioned by the ED for nearly 10 hours in connection with a money laundering investigation tied to multiple bank loan fraud cases.

He arrived at the ED headquarters in Delhi at 10:50 am and left just before 9 pm. His statement was recorded under provisions of the Prevention of Money Laundering Act (PMLA).

Officials said Ambani faced questions on loan transactions, financial decisions, and possible fund diversion across multiple Reliance Group entities. While Ambani reportedly denied any wrongdoing, insisting that all financial disclosures had been made to regulators, investigators remain unconvinced.

The industrialist has sought seven days to produce additional documentation in support of his statements.

Wider loan fraud under scanner

Investigators believe that the SBI fraud is part of a larger financial web, involving suspected loan diversion exceeding ₹17,000 crore across Reliance Group companies, including Reliance Infrastructure (R Infra).

One of the major allegations pertains to the diversion of around ₹3,000 crore in loans extended by Yes Bank between 2017 and 2019.

On July 24, 2025, the ED conducted raids at 35 premises linked to over 50 companies and 25 individuals, including senior Reliance Group executives. A Look Out Circular (LOC) has also been issued against Ambani, preventing him from leaving the country without prior clearance.

What lies ahead

The unfolding probe is expected to intensify in the coming weeks. Both the CBI and ED are likely to summon Anil Ambani again as they trace the flow of funds and examine possible violations of the Companies Act, RBI regulations, and PMLA provisions.

Financial experts suggest that the case could have wider implications for corporate governance, banking oversight, and public confidence in India’s financial system.

With allegations of loan diversion, financial mismanagement, and fraudulent classification, the case against Anil Ambani represents one of the biggest corporate fraud investigations of 2025.

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