The Central Bureau of Investigation (CBI) has opened a high-profile probe into Reliance Communications Ltd. (RCOM), its director Anil D. Ambani, and others, following a complaint filed by State Bank of India (SBI) in a staggering ₹2,929.05 crore alleged loan default case. The FIR paints a damning picture of large-scale financial manipulation, inter-company fund transfers, and suspected misappropriation of bank loans.
On August 21, the CBI registered a criminal case under the Indian Penal Code (IPC) and the Prevention of Corruption Act, charging the accused with criminal conspiracy, cheating, breach of trust, and misconduct. SBI’s complaint alleged that RCOM and its associates caused wrongful losses to the bank through elaborate financial deception.
According to the FIR, inter-company transactions worth ₹2,219 crore were routed across Reliance Communications Ltd. (RCOM), Reliance Telecom Ltd. (RTL), and Reliance Infratel Ltd. (RITL)—allegedly to camouflage the diversion of funds. CBI has accused the company of manipulating its books of accounts with "dishonest intention" to siphon off sanctioned bank loans.
The case’s turning point came when forensic auditor BDO India LLP submitted a detailed report on October 15, 2020. Covering the period between April 1, 2013, and March 31, 2017, the report outlined how RCOM and its group entities allegedly misled lenders to avail credit facilities and then diverted funds in violation of sanction conditions.
The FIR reveals: RCOM transferred ₹783.77 crore to RTL and ₹1,435.24 crore to RITL out of borrowed funds.
Transactions were carried out through associates and subsidiaries instead of directly transferring funds where required.
Funds were allegedly misused through inter-corporate deposits, fictitious debtors, write-offs, and routing via Netizen Engineering Pvt. Ltd., a Reliance ADA Group company.
Diversion also extended to sales invoice financing and bill discounting by RITL.
On August 23, CBI conducted raids at premises linked to RCOM and Anil Ambani, escalating the probe’s intensity.
A spokesperson for Anil Ambani strongly refuted the charges, stating: "The complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years. At the relevant time, Mr. Ambani was a Non-Executive Director of the company, with no involvement in the day-to-day management. It is pertinent to note that SBI, by its own order, has already withdrawn proceedings against five other Non-Executive Directors. Despite this, Mr. Ambani has been selectively singled out. At present, Reliance Communications is being managed under the supervision of a Committee of Creditors, led by SBI and overseen by a Resolution Professional. The matter remains sub judice, pending before the NCLT and other judicial forums, including the Hon’ble Supreme Court, for the past six years. Mr. Ambani has duly challenged SBI’s declaration before the competent judicial forum. Mr. Ambani strongly denies all allegations and charges, and will duly defend himself."
Founded in 2002, RCOM was once a telecom giant offering wireless, wireline, and IT services across India and abroad. The company exited consumer mobile services in December 2017 amid mounting debt.
The CBI investigation has now cast a harsh spotlight on RCOM’s financial dealings, dragging one of India’s most prominent corporate figures into a widening web of alleged fraud, with the stakes running into thousands of crores.
