Central bureau of investigation (CBI) on Wednesday registered a fresh case against industrialist Anil Ambani and Reliance Communications Ltd (RCom) over allegations of causing a wrongful loss of ₹3,750 crore to the Life Insurance Corporation of India (LIC).
The case has been filed under charges of criminal conspiracy, cheating and misappropriation, along with provisions of the Prevention of Corruption Act, based on a complaint lodged by LIC. This marks the fourth case registered by the agency against RCom and Anil Ambani in connection with alleged financial irregularities.
According to CBI, LIC was fraudulently induced to invest about ₹4,500 crore in non-convertible debentures (NCDs) issued by RCom between 2009 and 2012. The agency alleged that the investment decision was influenced by false representations made by the company and its management regarding its financial health, as well as the security and asset cover offered against the instruments.
The complaint filed by LIC is based on a forensic audit conducted by BDO India LLP dated 15 October 2020. The audit reportedly flagged multiple irregularities, including misutilisation of funds raised from banks and financial institutions, routing of funds through subsidiaries, and alleged siphoning of money via inter-company deposits and shell entities.
Investigators have also pointed to alleged practices such as discounting of fictitious bills, misuse of invoice financing, and creation and subsequent write-off of non-existent debtors and receivables. The audit further highlighted a mismatch between the security claimed and the actual assets available.
CBI has also named unknown public servants and other unidentified individuals in the first information report (FIR), indicating a broader probe into possible collusion and systemic lapses.
The investigation is currently underway, CBI says.
The latest development adds to a series of ongoing probes involving RCom and its promoter. CBI had earlier registered three separate cases against the company and Anil Ambani over alleged fraud involving multiple banks.
In one such case, Anil Ambani was questioned by the agency at its headquarters in Delhi in connection with an alleged ₹2,929.05 crore fraud involving State Bank of India (SBI). The FIR in that matter was registered in August 2025 following a complaint by SBI, which led a consortium of 11 public sector banks (PSBs) that had extended loans to the group.
The consortium included major lenders such as Bank of India, Union Bank of India, Central Bank of India, UCO Bank, Canara Bank, Indian Overseas Bank, IDBI Bank and others.
According to investigators, the alleged bank fraud involved diversion and misutilisation of loan funds through complex, interlinked transactions among group entities during the period between 2013 and 2017. The total exposure in that case stood at over ₹19,694 crore across 17 PSBs.
Following the initial FIR, additional complaints were received from multiple lenders, including Punjab National Bank, Bank of India, Union Bank of India, UCO Bank, Central Bank of India, IDBI Bank and Bank of Maharashtra.
Separately, another case was registered in February 2026 based on a complaint from Bank of Baroda, covering exposures linked to the erstwhile Dena Bank and Vijaya Bank. (
Read: CBI Registers Fresh ₹2,223 Crore Fraud Case against Anil Ambani, RCOM; Searches Conducted) According to the complaint, Bank of Baroda 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 (NPA) in 2017. However, proceedings to classify the account as fraud were stayed following a petition filed by Anil 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.
Last month, Anil Ambani has written to Union finance minister (FM) Nirmala Sitharaman seeking a time-bound, structured settlement of outstanding bank dues, invoking the precedent of
the Sandesara family case, even as he faces ongoing investigations into alleged bank frauds running into tens of thousands of crores.
NSEL Scam: ED Freezes ₹19.12 Crore Property Linked to LOIL Group
Moneylife Digital Team
27 March 2026
The directorate of enforcement (ED) has provisionally attached immovable properties worth ₹19.12 crore in connection with the long-running National Spot Exchange Ltd (NSEL) scam (), taking the total value of attached assets in the...
Nirav Modi Suffers Fresh Setback as UK Court Upholds Earlier Extradition Order to India
Moneylife Digital Team
26 March 2026
Fugitive diamond merchant Nirav Modi has suffered a fresh legal setback after the High Court of Justice, King’s bench division in London rejected his plea to reopen proceedings against his extradition to India.
The Court ruled...
Mahadev Online Book Scam: ED Attaches ₹1,700 Crore Assets in Dubai, Delhi
Moneylife Digital Team
26 March 2026
The directorate of enforcement (ED) has intensified its crackdown on the Mahadev Online Book betting syndicate by attaching assets worth about ₹1,700 crore, including high-value properties in Dubai and New Delhi, in one of the largest...
PACL Scam: ED Seizes Properties Worth ₹5,046.91 Crore across Punjab, Delhi
Moneylife Digital Team
23 March 2026
The directorate of enforcement (ED) has provisionally attached 126 immovable properties valued at ₹5,046.91 crore in connection with its ongoing probe into the alleged multi-crore fraud involving PACL Ltd.
The attachments, carried...
While our Honorable Prime Minister has done a great Job, a lot of Cleaning needs for Four Public Sector Insurance Companies, Judiciary, Bureaucrats etc. A large number of Corrupt Bureaucrats act as Gate Keepers who let in only after you bribe them.
If you need thousands of crores, it's easy but impossible to get a few thousands.