It’s been a dramatic week for Anil Ambani. The Central Bureau of Investigation (CBI) has filed a fresh FIR against him and Reliance Communication following a complaint by Bank of Baroda. On the same day he appeared before the Enforcement Directorate (ED) for questioning in an over Rs 40,000 crore alleged bank fraud involving Reliance Communications.
Here’s a look at the key developments this week and what lies ahead.
CBI files second criminal case over Rs 2,220 crore loan
On Thursday, the CBI registered a fresh case against Anil Ambani and Reliance Communications (RCOM) over alleged cheating of Bank of Baroda which caused the bank a loss of more than Rs 2,220 crore.
According to officials, the case relates to loans taken between 2013 and 2017. The bank has alleged that the funds were diverted and misutilised by creating fictitious transactions with related parties.
CBI also conducted searches at Ambani’s residence and the registered offices of RCOM. It said various documents linked to the loan transactions have been recovered.
This is the second criminal case by the CBI against Ambani and RCOM. Before this the CBI had filed a case based on a complaint from State Bank of India (SBI).
HC lifts stay on fraud classification
The development follows a recent order by the Bombay High Court, which lifted a stay on banks classifying Ambani’s and RCOM’s accounts as “fraud” under RBI Master Directions.
The division bench held that the earlier interim stay was “perverse and illegal” and said every violation of RBI fraud rules is not open to judicial scrutiny.
The court observed that the Master Directions are intended “at securing public money” and for early detection of frauds. It added that there was “no prima facie reason to grant an interim injunction” in favour of Ambani, especially when criminal investigations are ongoing.
After the stay was vacated on February 23, Bank of Baroda lodged its complaint and the CBI registered the case.
Ambani appears befor ED in money laundering probe
Also on Thursday, Ambani appeared before the ED in Delhi for a second round of questioning in a money laundering case linked to the alleged bank fraud by RCOM.
The agency recorded his statement under the provisions of the Prevention of Money Laundering Act (PMLA). Before this he was also once questioned in August 2025.
The ED probe pertains to an alleged over Rs 40,000 crore bank fraud by RCOM and its group companies. ED has claimed that loans were diverted through multiple foreign subsidiaries and offshore entities.
It has also constituted a special investigation team (SIT) to examine multiple instances of alleged loan fraud and financial irregularities involving the Anil Dhirubhai Ambani Group.
ED attaches Anil Ambani’s ‘Abode’ worth Rs 3,716 crore
A day before Ambani’s appearance, the ED attached his Mumbai residence, ‘Abode’, located in Pali Hill.
The agency said it issued a provisional attachment order under PMLA and pegged the property’s value at Rs 3,716.83 crore. With this, the total value of assets attached in the case has risen to about Rs 15,700 crore.
The ED alleged that the property was aggregated into a private family trust to shield it from personal liabilities arising from guarantees extended to banks.
The agency said RCOM and its group companies availed loans from domestic and foreign lenders with total outstanding dues of Rs 40,185 crore.
What to watch next
The coming weeks could prove crucial for Anil Ambani. The next course of action by the ED and CBI will be keenly watched for as Supreme Court orders both the agencies to conduct a “fair,” “prompt,” and dispassionate probe after raising concerns about the slow pace of investigation.