Our Bureau
Mumbai
Top investigators from the Central Bureau of Investigation (CBI) raided industrialist Anil Ambani’s home and offices. The action links to a new case of alleged bank fraud worth over Rs 2,223 crore with Bank of Baroda.
The CBI filed a First Information Report (FIR) on February 24, 2026, after a complaint from the bank’s Mumbai branch. It claims Reliance Communications (RCom), led by Anil Ambani, took loans from 2013 to 2017 but cheated the bank. Funds were diverted and misused through fake deals with linked firms, causing big losses to the bank.
Charges include criminal conspiracy, cheating under Indian Penal Code sections 120B and 420, and corruption laws. The probe eyes bank staff too for possible wrongdoing in loan approvals.
This comes soon after the Enforcement Directorate (ED) probed Ambani’s firms for money laundering in similar loan cases. RCom, once a key telecom player, faces insolvency due to huge debts over Rs 40,000 crore.
During raids at Ambani’s residence and RCom offices, CBI seized papers on loan deals. No arrests yet, but the case adds heat on the RCom promoter.
Once a business giant, Anil Ambani now battles multiple probes into past loans from banks like SBI and Yes Bank. Markets watch closely as this could impact his other ventures.
The case shows India’s push against big loan defaults.
