The Central Bureau of Investigation (CBI) has significantly expanded its investigation into the alleged multi-crore fraud involving Reliance Communications and State Bank of India, with three former top-tier executives of the Anil Ambani-led Reliance Group now being questioned. According to The Times of India, the agency issued summons to Satish Seth and Gautam Doshi, both former group managing directors, for examination in connection with the FIR registered following a formal complaint by SBI. This follows the questioning of a third former group managing director, Amitabh Jhunjhunwala, who was examined over a three-day period leading up to Anil Ambani's scheduled appearance on March 19 and 20. The three executives were central figures in the Anil Ambani-led Reliance Group for over 15 years and were veterans of the undivided Reliance Group, having been associated with Reliance Industries Limited for more than two decades prior to the high-profile corporate demerger.
As reported by officials, the CBI registered the case in August last year, alleging that Ambani and the company defrauded SBI of ₹2,929.05 crore. According to the SBI complaint now part of the FIR, Reliance Communications had outstanding dues exceeding ₹40,000 crore to multiple lenders, with SBI alone incurring a loss of ₹2,929.05 crore based on 2018 figures. The agency has booked Ambani and the company on charges of criminal conspiracy, cheating and criminal breach of trust, alleging that the accused misrepresented facts to secure credit facilities from SBI. The investigating agency claims that loans were obtained through misrepresentation, with the CBI stating that "it is alleged that the accused persons, in criminal conspiracy, misrepresented and got sanctioned credit facilities from SBI in favour of Reliance Communication Ltd." The complaint is based on a forensic audit report that alleges large-scale diversion and misutilisation of loan funds through interlinked and circuitous transactions among group entities during the period 2013-17, resulting in wrongful loss of ₹2,929 crore to SBI out of total exposure of ₹19,694 crore involving 17 public sector banks.
According to a spokesperson for Ambani, he is cooperating fully with the investigation and is appearing before the CBI on March 19 and 20 in connection with the FIR. The spokesperson emphasized that Ambani denies all allegations and will duly defend himself, stating that the appearance is "in furtherance to Mr Ambani's commitment to extend full cooperation in the matter with all agencies." The statement also maintained that the matter relates to issues dating back over a decade and is currently sub judice before the National Company Law Tribunal and other judicial forums, including the Supreme Court. Notably, the CBI had also searched Ambani's residence, 'Sea Wind', at Cuffe Parade in Mumbai as part of the investigation. When contacted, the Reliance group refused to comment, stating that these officials were not with the company anymore, with Jhunjhunwala currently an independent fund manager with operations in Dubai and Singapore, Seth engaged in real estate and software ventures, and Doshi leading a prominent tax and mergers and acquisitions advisory firm.
As reported by The Hindu BusinessLine, the CBI obtained search warrants from the court of Special Judge for CBI, Mumbai and conducted searches at two official premises of Reliance Communications Ltd, the residential premises of Anil Ambani, all at Mumbai on August 23, 2025. Several incriminating documents were taken into possession during the searches. The matter remains sub judice before the NCLT and other judicial forums, including the Supreme Court, for the past six years. The Supreme Court had earlier asked CBI to file separate FIRs into complaints of different banks against Anil Ambani group companies. The statement added that Ambani has challenged SBI's declaration before the appropriate legal forum, with the complaint filed by SBI pertaining to matters dating back more than 10 years. Notably, Ambani has not appeared before the Enforcement Directorate despite being summoned in connection with a money laundering probe under the Prevention of Money Laundering Act (PMLA).
