The Central Bureau of Investigation has conducted searches at the residence of Anil Ambani and the registered offices of Reliance Communications in connection with an alleged loan fraud of more than ₹2,220 crore. According to the latest CBI statement, the searches were carried out after the agency registered a second case against Reliance Communications based on a complaint filed by Bank of Baroda on February 24, 2026. The CBI noted that it had already registered another case against Reliance Communications based on a complaint filed by the State Bank of India, which was the lead bank in a consortium of 11 lenders. As per the CBI statement, the agency conducted these searches at Ambani's residence and the company's offices, recovering various documents related to the loan transactions during the operation.
As reported by the CBI statement, the case has been registered for offences of conspiracy and cheating under the IPC, and criminal misconduct and abuse of official position under the Prevention of Corruption Act. The case names Anil Ambani, promoter and erstwhile chairman of Reliance Communications, the company itself, and others. The allegations state that Bank of Baroda suffered losses exceeding ₹2,220 crore due to loans availed by Reliance Communications that were allegedly diverted and misused through fictitious transactions involving related parties. Investigators also alleged that the company's books of accounts were manipulated and irregularities concealed. According to the CBI, the investigation in the case is continuing with further developments expected as evidence is examined and statements are recorded.
According to the CBI statement, the loan account had been declared a non-performing asset (NPA) in 2017. However, proceedings to formally declare the account as "fraud" were put on hold after Anil Ambani approached the Bombay High Court. The High Court had granted a stay on the fraud classification. On February 23, 2026, the stay was vacated, clearing the way for Bank of Baroda to file a formal complaint. Following this development, Bank of Baroda filed its complaint, and the CBI registered the case immediately. The present case relates to a separate loan obtained by Reliance Communications from Bank of Baroda, the erstwhile Vijaya Bank, and the erstwhile Dena Bank, both of which have since been merged with Bank of Baroda.
Separately, Anil Ambani also appeared before the Enforcement Directorate (ED) in New Delhi for a second round of questioning in an alleged bank fraud-linked money laundering case. The probe involves an alleged bank fraud worth over ₹40,000 crore by his group company, RCOM. According to ABP Live, Ambani and his several group companies are accused of loan frauds in this parallel investigation. This ED probe represents additional scrutiny beyond the CBI case, highlighting the comprehensive nature of the investigations into alleged financial irregularities within the Reliance Communications group.
Following the registration of the case, the CBI conducted searches at Ambani's residence and the company's offices, recovering various documents related to the loan transactions during the operation. As reported by the CBI statement, the investigation in the case is continuing with further developments expected as evidence is examined and statements are recorded. The CBI has stated that this is a separate case from the earlier probe by the SBI-led consortium, as Bank of Baroda was not part of that consortium, making this a distinct investigation into the alleged fraud involving the specific loan obtained from Bank of Baroda and its predecessor banks. The CBI has already registered another case against Reliance Communications based on a complaint filed by the State Bank of India, which was the lead bank in a consortium of 11 lenders, but this current case involves different loan transactions from different banks.
