Anil Ambani says he's being 'singled out' after CBI raids
What's the story
Anil Ambani has denied all allegations of fraud after the Central Bureau of Investigation(CBI) raided his Mumbai home and offices of Reliance Communications. The action came after a complaint from the State Bank of India (SBI), which alleged wrongful losses amounting to ₹2,929 crore linked to loans given to the telecom company. A forensic audit had flagged fund diversion and questionable transactions with group firms.
Allegations
SBI's complaint details
The SBI's complaint accused Reliance Communications, Reliance Telecom Ltd., and Reliance Infratel Ltd. of raising ₹31,580 crore from various lenders. It alleged misrepresentation, fund diversion, and fraudulent transactions. Ambani's spokesperson responded to the allegations by saying that the SBI complaint pertains to matters over a decade old when he was a Non-Executive Director with no role in day-to-day operations.
Response
'Selectively singled out' says Ambani's spokesperson
The spokesperson further noted that SBI had withdrawn proceedings against five other Non-Executive Directors but has "selectively singled out" Ambani. Currently, Reliance Communications is being run by a Committee of Creditors led by SBI and managed by a Resolution Professional. The matter is pending before the NCLT and other courts, including the Supreme Court, for six years now.
Criminal charges
CBI charges against Reliance Communications and Ambani
The CBI has charged Reliance Communications and Ambani with criminal conspiracy, cheating, and criminal breach of trust. A CBI spokesperson said that the accused persons "misrepresented and got sanctioned credit facilities from SBI in favor of Reliance Communication Ltd." Investigators allege that the loans were diverted for various purposes including inter-company transactions, routing of loans, sales invoice financing.
Audit findings
Forensic audit findings
A forensic audit ordered by SBI in 2020 revealed that out of ₹31,580 crore received by Reliance Communications and its subsidiaries, ₹13,667 crore was used for repaying bank loans while ₹12,692 crore was paid to connected parties. Investments worth ₹1,883 crore were also flagged as most were liquidated and transferred to other entities. The audit also flagged a capital advance of ₹5,525 crore to Netizen Engineering Pvt Ltd., a group company of the Reliance ADA Group.
Account fraud
Fraud proceedings against Ambani put on hold by Supreme Court
SBI had first declared Ambani and Reliance Communications's account as 'fraud' in November 2020, before filing a complaint with the CBI in January 2021. However, after a Delhi High Court order that maintained status quo, the complaint was returned. A Supreme Court ruling in March 2023 mandated lenders to hear borrowers before declaring them fraudulent. SBI reversed its decision in September 2023 but resumed proceedings later per an RBI circular. In July 2025, SBI once again labeled Ambani as 'fraud.'