CBI Registers ₹1,085 Crore Bank Fraud Case Against Reliance Communications Ltd, Anil Ambani Linked Firm, and Two Former Directors

New Delhi: The Central Bureau of Investigation (CBI) has registered a major bank fraud case against Reliance Communications Ltd (RCOM), its former chairman Anil Dhirajlal Ambani, and another former director, Smt. Manjari Ashok Kacker, for allegedly cheating Punjab National Bank (PNB) and the erstwhile United Bank of India (e-UNI, now merged with PNB) to the tune of ₹1,085.19 crore during the period 2013-2017.The regular case — RC0742026E0002 — was registered on March 5, 2026, by the CBI’s Bank Securities & Fraud Branch (BS&FB), New Delhi, under Sections 120B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code, and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1988. The complaint was lodged by Shri Santoshkrishna Annavarpu, Chief Manager of Punjab National Bank’s Stressed Assets Management Branch in Mumbai, on March 2, 2026, following findings of a forensic audit.According to the FIR, Reliance Communications Ltd, along with its erstwhile directors Anil Ambani and Manjari Ashok Kacker and other unknown persons and public servants, allegedly induced the banks to extend credit facilities and then diverted the funds, causing wrongful loss to the public sector lenders and wrongful gain to themselves. The total exposure of PNB and e-UNI in the RCOM accounts stood at ₹1,700 crore (fund-based and non-fund-based limits), out of which ₹1,085.19 crore (₹621.39 crore to PNB and ₹463.80 crore to e-UNI) remains outstanding even after the accounts were declared Non-Performing Assets (NPAs) in June 2017.The CBI FIR states that the company, which was engaged in mobile, wireline, wireless, broadband and other telecom infrastructure services, was part of a large multiple-banking consortium led by State Bank of India. Facilities were sanctioned between 2008 and 2017 through repeated reviews and enhancements. The accounts turned irregular due to failure to maintain financial discipline, leading to NPA classification — PNB on June 5, 2017, and e-UNI on June 29, 2017. The bank declared the accounts as fraud on February 19, 2021.A forensic audit conducted by M/s BDO India LLP (appointed by the lead bank) for the period April 1, 2013, to March 31, 2017, revealed major irregularities, including mis-utilization and diversion of bank finance. The audit report, dated October 15, 2020, noted that RCOM and its group companies received ₹31,580 crore in advances from member banks, of which ₹13,667.73 crore was allegedly diverted or misutilized.The complaint highlights that the accused “fraudulently and dishonestly diverted the borrowed funds,” resulting in criminal misappropriation and criminal breach of trust with malafide intention. It further states that the borrower never intended to repay the dues, causing huge losses to the public exchequer.The case has been entrusted for investigation to Shri Tathagat Vardan, Additional Superintendent of Police, CBI BS&FB, New Delhi. The FIR has been forwarded to the competent court.This is the latest in a series of high-profile bank fraud cases being probed by the CBI involving large corporate groups that availed massive loans from public sector banks during the 2010s. Reliance Communications, once a leading telecom player promoted by the Ambani family, has been under severe financial stress for years and has since undergone insolvency proceedings. Further investigation into the role of unknown public servants and other persons is underway.