New Delhi: The Central Bureau of Investigation (CBI) has registered a case against Reliance Communications (RCom) and its promoter-director Anil Ambani for an alleged bank fraud that led to a loss of over ₹2,000 crore to the State Bank of India (SBI), officials confirmed on Saturday.

The agency has also launched searches at Anil Ambani’s residence and other premises linked to RCom in connection with the case.

What is the case about?

The action by the CBI follows a complaint from SBI, which classified RCom and Anil Ambani as 'fraud' under the RBI’s Master Directions on Fraud Risk Management and the bank’s internal fraud policy. According to officials, SBI had informed the Reserve Bank of India (RBI) about the fraud classification on June 24, 2025, and has since moved forward with the complaint to the CBI.

The alleged fraud involves SBI’s credit exposure to RCom, which includes:

  • Fund-based principal of ₹2,227.64 crore (as of August 26, 2016), along with the accrued interest and expenses
  • A non-fund-based bank guarantee worth ₹786.52 crore

What is the current status of the insolvency process?

RCom is currently under the Corporate Insolvency Resolution Process (CIRP) as per the Insolvency and Bankruptcy Code, 2016. The resolution plan, approved by the Committee of Creditors, was filed with the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020, and is awaiting final approval.

Meanwhile, SBI has also initiated a Personal Insolvency Resolution Process under the IBC against Anil Ambani, which is currently being heard by the NCLT in Mumbai.

What delayed the investigation earlier?

Though SBI initially filed a complaint with the CBI on January 5, 2021, it was returned due to a 'status quo' order issued by the Delhi High Court on January 6, 2021. Later, a Supreme Court ruling in March 2023 in the SBI vs Rajesh Agarwal case clarified that borrowers must be given a chance to respond before their accounts are marked as fraudulent.

Following this directive, SBI reversed the fraud classification on September 2, 2023, and after following due process as per the RBI’s July 15, 2024 circular, it reclassified the account as fraud.