New Delhi : The Central Bureau of Investigation (CBI) on Wednesday registered a case against Reliance Communications Limited, its promoter Anil Ambani, unidentified government officials, and others for allegedly causing a loss of ₹3,750 crore to the Life Insurance Corporation of India (LIC).
The case, based on a complaint filed by LIC, includes charges of criminal conspiracy, fraud, misappropriation, and violations under the Prevention of Corruption Act. It is alleged that Reliance Communications induced LIC to invest ₹4,500 crore in non-convertible debentures by misrepresenting the company’s financial position, collateral security, and asset base.
According to a forensic audit conducted by BDO India LLP on October 15, 2020, the company and its management allegedly diverted funds through subsidiaries, misused sales invoice financing, and made payments against fictitious bills. The report also points to the creation of fake debtors, inflated receivables, and overstatement of collateral value, along with discrepancies in charges and assets.
The development comes amid ongoing investigations by the CBI into multiple alleged fraud cases involving Reliance Communications and Anil Ambani. Earlier, Ambani was questioned at the agency’s headquarters in Delhi in connection with a ₹2,929.05 crore fraud case linked to the State Bank of India (SBI).
That case, registered in August 2025 based on an SBI complaint, pertains to alleged diversion and misappropriation of loans between 2013 and 2017. SBI, which led a consortium of 11 banks, reported a loss of ₹2,929.05 crore out of total loans amounting to ₹19,694.33 crore.
Subsequently, additional complaints were filed by several banks, including Punjab National Bank, Bank of India, Union Bank of India, UCO Bank, Central Bank of India, IDBI Bank, and Bank of Maharashtra.
In a related development, another case was registered on February 25 based on a complaint by Bank of Baroda, also involving exposure from Dena Bank and Vijaya Bank.
The CBI investigations are ongoing, with multiple cases pointing to alleged large-scale financial irregularities and fund diversion involving the company and its management.