The CBI has registered a second case against Anil Ambani and Reliance Communications over an alleged ₹2,220 crore loan diversion involving Bank of Baroda. Searches were conducted at Ambani’s residence and company offices. The investigation remains underway.
Second FIR Filed Over Alleged Loan Diversion (Image Source: Internet)
New Delhi: The Central Bureau of Investigation (CBI) has registered a second criminal case against Anil Ambani and M/s Reliance Communications (RCom) following a complaint by Bank of Baroda dated February 24, 2026. The case involves allegations of criminal conspiracy, cheating under the Indian Penal Code, and criminal misconduct under the Prevention of Corruption Act.
According to the FIR, Bank of Baroda allegedly suffered losses exceeding ₹2,220 crore due to loans extended to Reliance Communications. Investigators claim that the borrowed funds were diverted and misused through fictitious transactions involving related parties. It is also alleged that the company’s books of accounts were manipulated to conceal financial irregularities.
The loan account had been classified as a Non-Performing Asset (NPA) in 2017. However, proceedings to formally declare the account as “fraud” were put on hold after Anil Ambani approached the Bombay High Court. The High Court had granted a stay on the fraud classification.
On February 23, 2026, the stay was vacated, clearing the way for Bank of Baroda to file a formal complaint. The CBI acted promptly after receiving the complaint and registered the new case without delay.
The agency clarified that this case is distinct from a previous FIR registered against Reliance Communications based on a complaint by the State Bank of India (SBI). In that matter, SBI was the lead bank of a consortium of 11 banks. Bank of Baroda was not part of that consortium.
The current investigation relates to a different set of loans extended by Bank of Baroda, along with the then Vijaya Bank and Dena Bank. Both Vijaya Bank and Dena Bank have since been merged with Bank of Baroda.
Following the registration of the case, CBI officials conducted searches at Anil Ambani’s residence and at the registered offices of Reliance Communications Ltd. During these searches, officials reportedly recovered documents related to the loan transactions under scrutiny.
The CBI has stated that the investigation is ongoing and further developments are expected as evidence is examined and statements are recorded.
