New Delhi — The Central Bureau of Investigation (CBI) Banking Security and Fraud Branch (BSFB), New Delhi has registered a Regular Case (RC0742026E0001) against M/s. Reliance Communications Limited (RCOM), its promoter and erstwhile Chairman Shri Anil Dhirajlal Ambani, unknown others and unknown public servants for allegedly cheating Bank of Baroda and causing wrongful loss of ₹2,223.17 crore.
According to the FIR, a written complaint dated February 24, 2026 was filed by Shri Sudhakar Bhai Tripathi, Deputy General Manager, Bank of Baroda, Stressed Assets Management Branch, Mumbai. The complaint alleges that during 2013-2017, RCOM availed fund-based and non-fund-based credit facilities totalling ₹2,462.50 crore from Bank of Baroda. A forensic audit conducted by BDO India LLP (report dated October 15, 2020) revealed systematic diversion and misutilization of borrowed funds contrary to sanctioned purposes.
Key allegations include:
- Diversion of loan proceeds through unauthorised channels, related parties and intermediary entities.
- Improper utilisation of inter-corporate deposits (ICDs), bill discounting irregularities and cross-transactions between RCOM, Reliance Telecom Ltd (RTL) and Reliance Infratel Ltd (RITL).
- Recycling and layering of funds to camouflage true end-use.
- Manipulation of books of accounts and creation of fictitious/sham transactions lacking commercial rationale.
- Large fund transfers to entities with weak financial backgrounds and unusual joint venture entries.
The account was declared NPA on June 5, 2017 and later classified as fraud by the bank on September 2, 2025 (reported to RBI on September 3, 2025). The total concluded liability stands at ₹2,223.17 crore (including fund-based outstanding of ₹2,104.61 crore and non-fund-based of ₹118.56 crore).
The FIR states that the acts prima facie disclose commission of offences punishable under Sections 120B and 420 of the Indian Penal Code and Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act, 1988.
The case has been entrusted for investigation to Shri Tathagat Vardan, Additional Superintendent of Police, CBI BSFB, New Delhi. The FIR was registered by Sr. Superintendent of Police Gajanand Bairwa, CBI BSFB, New Delhi.
