NEW DELHI: The Central Bureau of Investigation (CBI) on Saturday conducted searches at premises linked to industrialist Anil Ambani in connection with its probe into an bank fraud case worth over Rs 2,900 crore, officials said.
According to the officials, the agency registered an FIR in the fraud case on the basis of a complaint received from the State Bank of India (SBI).
The CBI’s raiding team reached Ambani’s residence at Seawind, Cuffe Parade in Mumbai around 7 am and carried out the searches. Ambani and his family were present at the residence during the course of the searches, they added.
The CBI registered a fresh 20-page FIR comprising the complaint details, a copy of which is with the New Indian Express, and named Anil D Ambani, his business entity M/S Reliance Communications Limited, unknown public servants and others as accused. The FIR has been lodged in Delhi.
In the complaint, SBI a total fraud of Rs 2,929.05 crore by Anil Ambani’s Reliance Communications Limited (RCOM), according to the FIR. It is to be noted that SBI had earlier classified the account and promoters, including Anil D Ambani, as “fraud” and filed a complaint with the CBI on 18 August 2025.
The State Bank of India has officially classified Reliance Communications Limited and its promoter director, Anil D Ambani, as “fraud,” Minister of State in the Ministry of Finance Pankaj Chaudhary informed the Lok Sabha during the recently concluded Monsoon Session of Parliament.
In a written reply, Chaudhary said that SBI made the classification on 13 June 2025, under the Reserve Bank of India’s Master Directions on Fraud Risk Management and the bank’s internal policy. As part of disclosure norms, RCOM’s Resolution Professional informed the Bombay Stock Exchange about the classification on 1 July 2025.
According to the Minister, SBI’s total exposure to RCOM includes a fund-based principal outstanding of Rs 2,227.64 crore with accrued interest and expenses since 26 August 2016, along with non-fund-based bank guarantees worth Rs 786.52 crore.
RCOM is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors approved a resolution plan, which was filed with the National Company Law Tribunal (NCLT), Mumbai, on 6 March 2020, but is still awaiting final approval.
SBI has also initiated a Personal Insolvency Resolution Process against Anil Ambani under the IBC, which is being heard by NCLT Mumbai.
This is not the first time the Ambani-led telecom firm has faced such action. SBI had earlier classified RCOM and Anil Ambani as “fraud” in November 2020 and filed a complaint with the CBI in January 2021.
On 24 June 2025, SBI reported the classification to the Reserve Bank of India and said it was in the process of lodging a formal complaint with the CBI. Following this, the CBI filed an FIR in the case.
Apart from this case, Anil Ambani remains under the scanner of both the CBI and the Enforcement Directorate (ED) in multiple bank fraud cases. According to sources, the total fraud committed by his business entities now exceeds Rs 17,000 crore.