CBI registers FIR against Anil Ambani, Reliance Communication in Rs 1,085 crore bank fraud case

The FIR states that the accused entered into a criminal conspiracy and dishonestly induced the banks to sanction credit facilities to Reliance Communications.

Written by Anwesha Mitra

March 8, 2026 12:21 IST

The FIR states that the accused persons allegedly entered into a criminal conspiracy and dishonestly induced the banks to sanction credit facilities to Reliance Communications.

The Central Bureau of Investigation has registered a case against industrialist Anil Ambani in connection with a Rs 1,085 crore bank fraud case. The case was filed on the basis of a complaint by Punjab National Bank, and also names his company Reliance Communications Limited and its former director Manjari Ashok Kacker. The development mere days after the Enforcement Directorate summoned Ambani for questioning in a money laundering case.

According to the FIR registered by the agency on March 5, the complaint was lodged by one Santoshkrishna Annavarpu. He is the Chief Manager of the bank’s Stressed Assets Management Branch in Mumbai. The FIR accuses Ambani and Reliance Communications of cheating PNB and United Bank of India (now merged) and causing a loss of about Rs 1,085.19 crore. This took place between 2013 and 2017.

The alleged loss includes Rs 621.39 crore to PNB and Rs 463.80 crore to United Bank of India.

What is the case?

The FIR said the accused had entered into a criminal conspiracy and dishonestly induced the banks to sanction credit facilities to Reliance Communications. Investigators suspect that the loan funds were diverted and misused, leading to alleged criminal breach of trust and misappropriation. The loan accounts were later classified as non-performing assets in 2017 after the borrower allegedly failed to maintain financial discipline and violated loan conditions.

The bank also informed investigators that the account was declared fraudulent in February 2021 following findings of a forensic audit conducted by BDO India LLP. The audit reportedly pointed to alleged diversion of bank funds and transactions with related parties.

ED raids against Reliance Power?

News agency PTI cited officials to report on Friday that the Enforcement Directorate had conducted searches at multiple locations in Mumbai and Hyderabad — part of an investigation against entities linked to Reliance Power Ltd. The company had subsequently issued a clarification and denied that the federal probe agency had raided any of its offices or premises.

“The Company would like to clarify that, to the best of its knowledge, no such action has been carried out at any of the offices or premises of the Company,” Reliance Power said in its regulatory filing.

This article was first uploaded on March eight, twenty twenty-six, at twenty-one minutes past twelve in the night.