New Delhi, April 1 – The Central Bureau of Investigation registered a case against Reliance Communications Ltd (RCom), Anil Ambani, unknown public servants, and others on Wednesday, alleging that they caused wrongful loss of ₹3,750 crore to the Life Insurance Corporation (LIC) of India.
The case was registered based on a complaint received from the Life Insurance Corporation of India Ltd, alleging offences of conspiracy, fraud, misappropriation, and violations of the Prevention of Corruption Act, according to an official statement.
The complaint alleges that LIC was fraudulently induced to subscribe to Non-Convertible Debentures (NCDs) worth ₹4,500 crore based on false representations made by Reliance Communications Ltd and its management regarding the company's financial health and the security and asset cover offered to LIC while subscribing to the NCDs.
LIC made this complaint based on a forensic audit report dated October 15, 2020, conducted by BDO India LLP, which reported that RCom and its management had misused funds raised from banks and financial institutions, routed funds through subsidiaries, misused sale invoice financing, created fictitious bills, systematically siphoned funds through inter-company deposits and shell-related entities, created and written off fictitious debtors and receivables, and grossly overstated security. There was a mismatch between the assets and liabilities.
The investigation into the case is ongoing, the statement added.
The CBI had previously registered three cases against RCom Ltd, Anil Ambani, and others, alleging defrauding several banks.
Anil Ambani was also questioned by the CBI at its headquarters in Delhi for two consecutive days in connection with the alleged ₹2,929.05 crore fraud case involving SBI.
The CBI registered an FIR on August 21, 2025, following a complaint filed by SBI, in which Reliance Communications Limited, Anil D. Ambani, and others, including unknown public servants, are accused.
The State Bank of India (SBI) is the lead bank in a consortium of 11 banks – Bank of India, Central Bank of India, UCO Bank, Union Bank of India, e-Corporation Bank, Canara Bank, e-Syndicate Bank, Indian Overseas Bank, IDBI Bank Limited, and e-Oriental Bank of Commerce – that had extended loans to the Anil Ambani group.
The complaint is based on a forensic audit report that alleges large-scale diversion and misuse of loan funds through interconnected and circuitous transactions among group entities during the period 2013-17, resulting in a wrongful loss of ₹2,929.05 crore to SBI out of a total exposure of ₹19,694.33 crore involving 17 public sector banks, according to an official statement.
Following the registration of the case, separate complaints were received from Punjab National Bank, Bank of India, Union Bank of India, UCO Bank, Central Bank of India, IDBI Bank, and Bank of Maharashtra. Furthermore, another case was registered against Reliance Communications Limited, Anil Ambani, and others, including unknown public servants, on February 25, based on a complaint dated February 24, received from the Bank of Baroda, which includes exposure of e-Dena Bank and e-Vijaya Bank.