CBI Books Anil Ambani, RCom in ₹3,750 Crore LIC Case; Multiple Bank Fraud Probes Underway

New Delhi, April 2026 : The Central Bureau of Investigation (CBI) on Wednesday registered a fresh case against Reliance Communications (RCom), its promoter Anil Ambani, along with unknown public servants and others, over allegations of causing a wrongful loss of ₹3,750 crore to the Life Insurance Corporation of India.

According to an official statement, the case has been filed based on a complaint from LIC, invoking charges of criminal conspiracy, cheating, misappropriation, and violations under the Prevention of Corruption Act. The agency has begun a detailed investigation into the matter.

The complaint alleges that LIC was fraudulently induced to invest ₹4,500 crore in Non-Convertible Debentures (NCDs) issued by RCom. The investment decision, it is claimed, was influenced by false representations made by the company and its management regarding its financial position, as well as the adequacy of security and asset cover backing the debentures.

LIC’s complaint is based on a forensic audit report dated October 15, 2020, conducted by BDO India LLP. The audit reportedly uncovered a series of financial irregularities within RCom, including the misutilisation of funds raised from banks and financial institutions. It also flagged the routing of funds through subsidiaries, the misuse of invoice financing, discounting of allegedly fictitious bills, and systematic diversion of funds through inter-company transactions and shell entities.

The report further pointed to the creation and subsequent write-off of fictitious debtors and receivables, along with a significant overstatement of security provided to lenders. Investigators also found discrepancies between the assets claimed as collateral and the actual charges registered, raising concerns over the integrity of disclosures made by the company.

This is not the first time RCom and Anil Ambani have come under scrutiny. The CBI has previously registered multiple cases against them in connection with alleged bank frauds involving several public sector lenders. In one such case linked to the State Bank of India (SBI), Ambani was questioned by the agency for two consecutive days at its Delhi headquarters over an alleged fraud of ₹2,929.05 crore.

That case stemmed from an FIR registered on August 21, 2025, following a complaint by SBI, which was the lead bank in a consortium of 11 lenders. The consortium included banks such as Bank of India, Union Bank of India, Canara Bank, UCO Bank, and others that had extended substantial loans to the Anil Ambani group.

The forensic audit in the SBI-led case alleged large-scale diversion and misutilisation of loan funds between 2013 and 2017 through complex and layered transactions among group entities. The total exposure of the consortium stood at ₹19,694.33 crore, out of which SBI alone reported significant losses.

Following the registration of that case, several other banks—including Punjab National Bank, Bank of India, Union Bank of India, and IDBI Bank—filed separate complaints. Another FIR was registered on February 25 based on a complaint from the Bank of Baroda, further widening the scope of the investigation.

With multiple cases now under probe, the CBI’s action marks a significant escalation in scrutiny of alleged financial irregularities linked to RCom, as investigators continue to examine the flow of funds and accountability of those involved.

(The content of this article is sourced from a news agency and has not been edited by the Mavericknews30 team.)