CBI Raids Anil Ambani’s Properties After SBI Flags ₹2,000 Crore Fraud

Key Points:

The Central Bureau of Investigation (CBI) raided premises linked to industrialist Anil Ambani and Reliance Communications (RCOM) in Mumbai on August 23, 2025, in connection with an alleged bank fraud that caused a loss of over Rs 2,000 crore to the State Bank of India (SBI).

Agency officials registered a First Information Report (FIR) against RCOM and its promoter director Anil Ambani before conducting the searches at multiple locations, including Ambani's residence at Seawind in Cuffe Parade. CBI teams arrived around 7 a.m. and continued the operation with Ambani and his family present at the home.

The action stems from SBI's classification of RCOM's account as fraudulent on June 13, 2025, under the Reserve Bank of India's guidelines on fraud risk management and the bank's internal policy. SBI reported the fraud to the RBI on June 24, 2025, and initiated a complaint process with the CBI.

Minister of State for Finance Pankaj Chaudhary informed Parliament during the Monsoon Session that “On June 24, 2025, the bank reported classification of fraud to RBI and is also in the process of lodging a complaint with CBI.”

Investigators allege that RCOM diverted loan funds, leading to significant losses for the public sector bank. The CBI's probe focuses on these irregularities, with officials examining documents and financial records during the searches.

This development follows the Enforcement Directorate's (ED) expansion of its investigation into a broader money laundering case involving over Rs 17,000 crore in alleged bank loan frauds linked to Ambani's group companies, including Reliance Infrastructure.

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On August 5, 2025, ED officials questioned Ambani for nearly 10 hours at their headquarters in Delhi under the Prevention of Money Laundering Act (PMLA). Ambani faced about a dozen questions on loan transactions and financial decisions, where he denied any wrongdoing and stated that his companies had disclosed financial details to regulators.

Sources indicated that Ambani requested 10 days to submit supporting documents, but investigators expressed doubts about his responses. The ED suspects diversions through shell companies and irregularities in loans from Yes Bank totalling around Rs 3,000 crore between 2017 and 2019.

Earlier, on August 4, 2025, the ED summoned several top executives from Ambani's firms, including Amitabh Jhunjhunwala and Sateesh Seth, for questioning. The agency issued at least six summons and had previously searched 35 premises connected to 50 companies and 25 individuals on July 24, 2025.

Officials expect further details on involved entities as the investigation advances, with potential summons for additional executives.

Ambani, 66, heads the Reliance ADA Group, which includes telecom and infrastructure ventures. The group has not issued a public statement on the raids. [Rh/Eth/VS]

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