CBI Files New Case Against Reliance Communications, Anil Ambani Over ₹3,750 Crore Loss

The Central Bureau of Investigation has registered a fresh case against industrialist Anil Ambani and Reliance Communications Ltd. (RCom), alleging a loss of ₹3,750 crore to the Life Insurance Corporation of India (LIC), officials said on Wednesday. The case, based on a complaint by LIC, is the fourth FIR filed against Ambani and his telecom firm, invoking charges of criminal conspiracy , cheating , misappropriation , and violations under the Prevention of Corruption Act.

According to the agency, LIC was fraudulently induced to invest ₹4,500 crore in Non-Convertible Debentures (NCDs) issued by RCom between 2009 and 2012 through misleading claims about the company’s financial health and asset cover. Investigators said LIC subscribed ₹3,000 crore in 2009 and ₹1,500 crore in 2012 based on assurances that the debentures were backed by strong assets. However, these claims were later found to be overstated , and RCom eventually defaulted on repayments in 2017, leading to the account being classified as an NPA and causing significant losses to LIC.

A forensic audit conducted by BDO India LLP in October 2020 revealed serious irregularities, including diversion of funds , routing of money through subsidiaries and shell entities , and fictitious billing practices. The audit also flagged the creation and write-off of non-existent debtors , along with a gross overstatement of assets and security cover. It further pointed to a mismatch between liabilities and actual assets, suggesting that the security offered to LIC was inadequate.

The LIC case forms part of a wider probe into alleged financial irregularities involving RCom and the Anil Ambani group. Since 2025, multiple cases have been registered based on complaints from public sector banks, including the State Bank of India, involving alleged loan diversion and misuse of funds. One such case pertains to a ₹2,929 crore fraud under investigation, while another filed in March 2026 involves ₹1,085 crore linked to the Punjab National Bank and other lenders.

Parallel investigations by the Enforcement Directorate have also intensified, focusing on alleged money laundering linked to these transactions. The ED is examining suspected fund diversion running into tens of thousands of crores. Amid these probes, Ambani has assured the Supreme Court of India that he will not leave the country while investigations are ongoing.

Once a major telecom player, RCom is currently undergoing insolvency proceedings, with liabilities far exceeding its assets. The scale of alleged irregularities, including fund diversion and inflated asset claims , has raised concerns about corporate governance and institutional due diligence. Officials said the investigation remains ongoing, and further action will depend on evidence gathered as multiple agencies continue to probe the matter.