CBI conducts searches at Anil Ambani's home, offices in RCom case

After filing a fresh case against industrialist Anil Ambani, the CBI on Thursday carried out searches at Ambani’s residence as well as at the registered offices of Reliance Communications Ltd. According to a CBI spokesperson, investigators recovered documents linked to the loan transactions under scrutiny. The agency registered a second case against M/s Reliance Communications based on the complaint given by the Bank of Baroda on February 24,2026 for offences of conspiracy, cheating under IPC and criminal misconduct and abuse of official position under Prevention of Corruption Act, against Anil Ambani.“The allegations in the FIR are that Bank of Baroda has suffered a loss of more than Rs 2,220 crore due to the loans availed by Reliance Communications which were allegedly diverted and mis- utilised by creating fictitious transactions with related parties,” the spokesperson said.
The said  account was declared a Non-Performing Asset in 2017 itself.  However, based on the petition filed by Anil Ambani before the Bombay High Court there was stay on the declaration of the accounts as a fraud by the High Court.  The stay was vacated on Monday, February 23, 2026 after which the Bank of Baroda lodged this complaint and CBI has taken up the case immediately.
It may be recalled that CBI has already registered another case against M/s Reliance Communications based on a complaint lodged by the SBI which is the lead bank of a consortium consisting of 11 banks.  However, Bank of Baroda was not part of the said consortium, and this is a different loan availed by the Reliance Communication Ld. from Bank of Baroda, the then Vijaya Bank and the then Dena Bank.  Vijaya Bank and Dena Bank have now been merged with Bank of Baroda.In its complaint, Bank of Baroda has accused Ambani and RCOM of systematically misusing borrowed funds in violation of sanctioned terms. The bank has also alleged manipulation of accounts to conceal financial irregularities and misrepresent the company’s financial health.
The complaint further alleges that Rs 1,783.65 crore raised by RITL was channelled through Reliance Communications Infrastructure Ltd (RCIL) and used by RCOM to service its own liabilities or transferred onward to related entities. The account was formally classified as an NPA from June 5, 2017 due to persistent repayment defaults and irregular fund utilisation. A subsequent forensic audit, the bank claims, confirmed diversion and misappropriation of funds — pointing to fraudulent intent.  Various documents connected with this loan transactions have been recovered. Investigation is continuing.

(Freelance Journalist)