The Central Bureau of Investigation (CBI) on Thursday registered a fresh criminal case against Anil Ambani and his erstwhile telecom firm following a complaint from Bank of Baroda alleging a wrongful loss of about ₹2,223.17 crore. The FIR, dated February 24, 2026, claims that loans advanced to Reliance Communications were diverted and misused through fictitious transactions with related parties, leading to the account being declared a non-performing asset in 2017.
FIR Alleges Loan Diversion, Criminal Conspiracy:
According to a complaint submitted by a deputy general manager at Bank of Baroda’s stressed assets section, the bank was convinced to grant loans, which was then diverted off to group businesses and fake companies. The FIR alleges that corporate officers and others manipulated books and concealed financial irregularities, alleging laws related to criminal conspiracy, cheating, and crimes under the Prevention of Corruption Act. This is the second CBI FIR linked to Ambani and Reliance Communications, following an earlier inquiry based on a complaint from the State Bank of India.
Searches Conducted, Documents Seized:
In their searches of Ambani’s home in Mumbai and Reliance Communications’ registered offices, CBI agents seized financial data and materials they thought were related to the alleged plan. Investigators are looking at communications, transaction trails, and intercompany transactions that would indicate a plan to falsify documents or divert funds. No official arrests have been made by the agency as of yet, and investigations are still being conducted while investigators examine the documents found during the raids.
Follows ED Action and Ongoing Legal Scrutiny:
The fresh CBI action comes a day after the Enforcement Directorate (ED) moved against Ambani by attaching his Pali Hill residence, part of probes into alleged money-laundering and loan fraud involving his group companies. The ED’s asset attachments which the agency says total several thousand crore rupees across cases and the Supreme Court’s recent directions for a fair probe have increased scrutiny on Reliance Group entities and their promoters. Together, these parallel tracks signal intensified enforcement attention on long-running allegations of large-scale bank fraud.
What the New Case Means and Next Steps:
Legal experts say the CBI FIR based on the Bank of Baroda complaint could widen the criminal probe if investigators find corroborative evidence of diversion and deception. The agency will likely issue summonses to key executives, examine banking records and trace the flow of funds between the borrowing entity and related parties. Given past court interventions, any moves to prosecute will have to withstand judicial scrutiny over procedural fairness and evidence sufficiency.
For the markets and creditors, the renewed enforcement activity underscores continuing stress around legacy telecom debts and the risks of large non-performing exposures. Bank of Baroda’s complaint and classification of accounts as fraud by several lenders have already complicated recovery efforts for creditors and reduced the scope for negotiated settlements.
No official comment has been released by Anil Ambani’s team at the time of reporting. Investigations by the CBI will determine whether the allegations can be substantiated to the level required for prosecution. Until then, the case adds another chapter to a high-profile legal saga involving one of India’s well-known corporate groups and a string of enforcement and judicial actions that have unfolded over recent months.
