NEW DELHI: The Central Bureau of Investigation (CBI) has registered a yet another case against industrialist Anil Ambani of Reliance Communications Ltd and others based on allegations of causing wrongful loss of Rs 3750 crores to Life Insurance Corporation of India Ltd, the agency said.
The FIR names Reliance Communications, Ambani, the then non-executive chairman and unknown public servants, accusing them of criminal conspiracy, cheating, and criminal breach of trust. Ambani is facing multiple cases filed by the federal investigating agency.
CBI has been probing Ambani in multiple alleged loan fraud cases linked to Reliance Communications since 2025, involving over Rs 40,000 crore in lender exposure across banks like SBI, Bank of Baroda, and PNB. So far, the CBI has registered at least three FIRs, Rs 2,929 crore (SBI), Rs 2,220 crore (BoB) and Rs 1,085 crore (PNB), flagging fund diversion and fictitious transactions.
The new case has been registered on the basis of a complaint dated received from LIC for alleged conspiracy, cheating, misappropriation and offences under prevention of corruption Act. “It is alleged that LIC was fraudulently induced to subscribe to Non Convertible Debentures (NCDs) worth Rs 4500 crores on the basis of false representations made by Reliance Communications Ltd. and its management regarding financial health of the company, and security and asset cover offered to LIC while subscribing NCDs,” the agency said.
LIC has made this complaint on basis of a forensic audit report October 15, 2020 conducted by BDO India LLP, which reported that RCOM and its management had resorted to misutilisation of funds raised from banks and financial institutions, routing of funds through subsidiaries, misuse of sale invoice financing, discounting of fictitious bills, systematic siphoning of funds through inter-company deposits or shell related entities, creating and write-off of fictitious debtors and receivables and gross overstatement of security. There was a mismatch between the charges and the assets, the agency said.