The Central Bureau of Investigation (CBI) has filed a case against industrialist Anil Ambani, his company Reliance Communications Limited, and its former director Manjari Ashok Kakkar in an alleged bank fraud case of over ₹1,085 crore. According to the FIR filed by the agency on March 5, the case was registered on a complaint by Punjab National Bank (PNB). The complaint was filed by Santoshkrishna Annavarapu, Chief Manager of the bank's Stressed Assets Management Branch in Mumbai. As per the latest reports, the case has been filed based on a Punjab National Bank complaint lodged by the bank's stressed assets management branch.
As per the FIR, the accused allegedly cheated PNB and United Bank of India (now merged with PNB) during the period between 2013 and 2017, causing a wrongful loss of about ₹1,085.19 crore to the banks. The alleged loss includes ₹621.39 crore to PNB and ₹463.80 crore to United Bank of India. The accused persons allegedly entered into a criminal conspiracy and dishonestly induced the banks to sanction credit facilities to Reliance Communications, with investigators suspecting that loan funds were diverted and misused. According to the complaint, the company allegedly invested or transferred the loan amount to places that were not disclosed to the bank. The FIR states that investigators suspect the loan funds were diverted and misused, leading to alleged criminal breach of trust and misappropriation.
The CBI has also alleged that Anil Ambani and his company committed fraud of more than ₹2,220 crore with Bank of Baroda (BoB) between 2013 and 2017. This additional allegation expands the scope of the investigation beyond the initial PNB complaint. The case highlights the ongoing investigation into alleged financial irregularities in the telecommunications sector during the specified period.
According to the complaint, the loan accounts were later classified as non-performing assets in 2017 after the borrower allegedly failed to maintain financial discipline and violated loan conditions. The bank informed investigators that the account was declared fraudulent in February 2021 following findings of a forensic audit conducted by BDO India LLP. The audit reportedly pointed to alleged diversion of bank funds and transactions with related parties, providing crucial evidence supporting the fraud allegations against the accused parties.
Under the Prevention of Money Laundering Act (PMLA), the investigating agency has attached properties worth approximately ₹15,000 crore across multiple cities. These attached properties are located in cities like Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, Kanchipuram and East Godavari. The attached assets include residential units, office spaces and land parcels. This action represents a significant escalation in the enforcement proceedings related to the alleged bank fraud case.
Based on the complaint, the CBI has registered the case under sections 120B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code, along with provisions of the Prevention of Corruption Act. Unknown persons and unknown public servants have also been named in the FIR. The case is related to alleged bank fraud committed by his group company Reliance Communications (RCOM). Anil Ambani is currently under investigation in a bank fraud case worth ₹40,000 crore, indicating the broader scope of the ongoing financial irregularities investigation.
