Anil Ambani defrauded LIC of over ₹4,500cr, says CBI
What's the story
The Central Bureau of Investigation (CBI) has filed a new case against Anil Ambani and others. The case accuses them of defrauding the Life Insurance Corporation of India (LIC) by more than ₹4,500 crore between 2009 and 2017. The FIR names Reliance Communications (RCOM), Ambani as the then non-executive chairman, and unnamed public servants in this alleged conspiracy.
Investment
LIC's investment in RCOM
According to LIC's complaint, the insurer had invested ₹4,500 crore in secured non-convertible debentures (NCDs) issued by RCOM. The investment was made in two tranches: ₹3,000 crore in March 2009 and ₹1,500 crore in February 2012. However, when RCOM defaulted on the repayments by 2017, a whopping ₹3,750 crore remained unpaid.
Allegations
How were they misled?
The FIR accuses Ambani, RCOM, and certain unnamed officials of misleading LIC about RCOM's financial health and security. A forensic audit later revealed that RCOM owed much more than it owned, raising major doubts over those initial promises. The CBI is also probing other major loan frauds linked to Ambani across several big banks.
Ongoing probe
Ongoing investigations into Ambani's alleged frauds
The CBI has been investigating Ambani in multiple alleged loan fraud cases involving Reliance Communications since 2025. These cases involve more than ₹40,000 crore in lender exposure across banks such as SBI, Bank of Baroda, and Punjab National Bank (PNB). So far, the CBI has filed at least three FIRs against him for fund diversion and fictitious transactions.