CBI Charges 16 in Alleged ₹2,929 Crore Reliance Communications Bank Fraud Case

The Central Bureau of Investigation (CBI) has filed its first charge sheet before a special court in Mumbai against 16 individuals and entities in connection with the alleged misuse of loans and credit facilities extended to Reliance Communications Ltd (RCom) , a company belonging to the Reliance ADA Group.

According to the agency, the accused include RCom, five of its senior executives, and ten officials from State Bank of India (SBI), Bank of Maharashtra, and the erstwhile Syndicate Bank . They have been charged with criminal conspiracy, cheating, criminal misappropriation, and criminal misconduct under the Prevention of Corruption Act.

The charge sheet pertains to the alleged diversion and misuse of financial facilities comprising a ₹1,200 crore term loan sanctioned by SBI, ₹500 crore in letter of credit facilities from Bank of Maharashtra, and ₹350 crore in similar facilities from Syndicate Bank.

The case was registered on a complaint by SBI, which alleged that the company and businessman Anil Ambani caused a loss of ₹2,929.05 crore to the bank. The FIR stated that RCom had received rupee term loans from a consortium of 11 banks led by SBI , with total exposure amounting to ₹19,694.33 crore involving 17 public sector banks .

The CBI said further investigation remains open to examine other loans sanctioned by the banking consortium and identify additional individuals involved in the alleged diversion of public funds. The agency is also investigating six other cases involving Reliance ADA Group companies .

The case has emerged as one of the significant corporate fraud investigations in India's banking sector , highlighting ongoing efforts to strengthen accountability, financial governance, and oversight of large corporate borrowings . The proceedings are being monitored by the Supreme Court , underscoring the broader focus on transparency and responsibility in cases involving public-sector bank funds .