Central bureau of investigation (CBI) has registered a fresh case against industrialist Anil Ambani and Reliance Communications Ltd (RCOM) on allegations of defrauding Bank of Baroda of more than ₹2,223 crore between 2013 and 2017.
The agency says the case was registered on 26 February 2026, based on a complaint filed by Bank of Baroda two days earlier. The first information report (FIR) invokes charges of criminal conspiracy and cheating under the Indian Penal Code, along with criminal misconduct and abuse of official position under the Prevention of Corruption Act.
According to the complaint, the Bank suffered losses exceeding ₹2,220 crore in connection with loans sanctioned to RCOM. The FIR alleges that the funds were diverted and misused through fictitious transactions involving related parties. Investigators have alleged manipulation of the company’s books of accounts to conceal irregularities.
The loan account had been declared a non-performing asset (NP) in 2017. However, proceedings to classify the account as fraud were stayed following a petition filed by Mr Ambani before the Bombay High Court. The stay was vacated on 23 February 2026, after which Bank of Baroda lodged its complaint and CBI initiated the case.
Officials confirmed that searches were conducted at Mr Ambani’s residence and at the registered offices of RCOM. Various documents linked to the loan transactions were recovered during the searches. The investigation is ongoing.
This is the second case registered by CBI against RCOM. An earlier FIR was filed on a complaint by State Bank of India (SBI), the lead bank of a consortium of 11 lenders. Bank of Baroda was not part of that consortium and the present case pertains to separate loans availed from Bank of Baroda, the erstwhile Vijaya Bank and Dena Bank, both of which have since been merged with Bank of Baroda.
Parallel to CBI’s action, the directorate of enforcement (ED) has intensified its probe under the Prevention of Money Laundering Act. Anil Ambani appeared before the agency in Delhi on Thursday for a second round of questioning in connection with an alleged bank fraud-linked money laundering case. Officials say his statement was recorded under provisions of the PMLA. He had earlier been questioned in August 2025.
In a significant move, ED has provisionally attached the Pali Hill residential property ‘Abode’ belonging to Ambani, valued at ₹3,716.83 crore. The attachment was carried out by the agency’s special task force as part of its ongoing probe into alleged loan irregularities involving RCOM.
Earlier, a portion of the same property worth ₹473.17 crore had been attached. With the latest action, the cumulative value of properties attached in the RCOM group case has crossed ₹15,700 crore, according to the agency.
ED stated that its investigation was initiated on the basis of a CBI FIR alleging offences under sections relating to criminal conspiracy, criminal breach of trust and cheating under the IPC, along with provisions of the Prevention of Corruption Act. The case concerns alleged irregularities in loans availed by RCOM and its group companies from domestic and overseas lenders. The agency has claimed that a total outstanding amount of ₹40,185 crore remains unpaid.
According to ED, the Pali Hill property was aggregated into RiseE Trust, described as a private family trust of members of Anil Ambani’s family. The agency alleged that the restructuring was designed to create an impression that Anil Ambani was not directly connected to the asset, while preserving its beneficial use and shielding it from personal liabilities arising out of guarantees extended to lender banks.
The agency further alleged that the property was intended for the beneficial ownership of the Ambani family instead of being available to distressed public sector banks whose loans had turned non-performing assets.
What is to be seen is whether ED moves ahead to attach the 19.4% something stake of Anil Ambani controlled entities in Reliance Infrastructure. Valued less than Rs. 800 crore as on date, RInfra owns 24% stake in the Rs. 10,000 crore market cap RPower; and a 49% stake in Reliance Dassault JV valued at approx. Rs. 4500 crore. RInfra also has arbitration awards of over Rs. 1500 crore, with some additional potential from Delhi Airport metro. Collectively, the known holdings & arbitration receivables of RInfra are in whereabouts of Rs. 8000 crore plus, a significant 9X multiplier to the shareholding value.
The figure thats missing from all calculations (not that it makes much difference) is RCOM dues to vendors and third parties estimated around Rs. 3000 crore plus. These lesser mortals have no scope of recovering any money from the attachment proceeds. The paintings at Pali Hill Abode, Sea Wind and Reliance Center may well be worth 1000 crore in todays value; and so would be Jewellery in the Anil Ambani household.
As Anil Ambani continues jet setting in a swanky private jet between Mumbai - Udaipur and Delhi, the employees of RInfra and RPower are hoping against hope to receive their salaries by Saturday. Despite the attachments, the Anil Ambani family's luxurious life remains the same, like it was 20 years ago. The only sufferers are those whose lives he touched.
Friday will be a crucial day for ED while questioning Anil Ambani. If he is let go off in the evening, it will be a mockery of India's law and justice procedures. After all, Justice delayed is Justice denied.