Probe Focuses on Alleged Fund Diversion, Misrepresentation in SBI Loans
NEW DELHI (India CSR): The Central Bureau of Investigation (CBI) on Thursday questioned industrialist Anil Ambani for nearly eight hours in connection with a Rs 2,929-crore bank fraud case linked to Reliance Communications Ltd. (RCom), officials said, marking a significant development in the ongoing probe into alleged financial irregularities.
Ambani appeared before the investigating team at the CBI headquarters in Delhi at around 10:15 a.m. and left after 6:15 p.m. following an extensive round of questioning. Officials confirmed that he has been asked to appear again on Friday as the investigation continues to gather momentum.
Key Facts Table: CBI Probe Against Anil Ambani
| Parameter | Details |
|---|---|
| Case Title | Rs 2,929 Crore Bank Fraud Case |
| Investigating Agency | Central Bureau of Investigation (CBI) |
| Accused | Anil D. Ambani, Reliance Communications Ltd. (RCom), others |
| Complainant | State Bank of India (SBI) |
| Date of Questioning | March 19, 2026 |
| Duration of Interrogation | Approximately 8 hours |
| Location | CBI Headquarters, New Delhi |
| Allegations | Fund diversion, misappropriation, cheating, criminal conspiracy |
| Loan Amount Involved | Rs 2,929 crore (SBI exposure) |
| Total Debt (RCom) | Over Rs 40,000 crore (across lenders) |
| FIR Registration Date | August 21, 2025 |
| Legal Sections Invoked | Cheating, criminal breach of trust, criminal conspiracy |
| Next Step | Further questioning scheduled on March 20, 2026 |
| Ambani’s Stand | Denies allegations, assures full cooperation |
| Related Actions | ED attached Rs 581.65 crore assets in linked cases |
| Judicial Status | Matter sub judice (NCLT, Supreme Court) |
Case Rooted in SBI Complaint
The case stems from a complaint filed by the State Bank of India (SBI), which alleged that Reliance Communications and its promoters were involved in misrepresentation while securing credit facilities, leading to substantial financial losses for the bank.
According to officials, the FIR registered by the CBI on August 21, 2025, names Reliance Communications Ltd., Anil D. Ambani, and others, including unidentified public servants, under charges of criminal conspiracy, cheating, and criminal breach of trust.
SBI has claimed an exposure of ₹2,929 crore in the case, while the total outstanding debt of the company to multiple lenders was estimated at over ₹40,000 crore based on earlier financial disclosures.
Eight-Hour Interrogation and Key Focus Areas
During the questioning, investigators reportedly examined Ambani on various aspects of the company’s financial decisions, including the process of obtaining loans and the subsequent utilisation of funds.
Sources indicated that the agency sought clarification on alleged diversion of loan funds, misappropriation, and irregularities in financial transactions. Emails exchanged between Ambani and senior executives of the company were also scrutinised as part of the investigation.
“The accused Anil D. Ambani appeared before the Investigating Officer and was interrogated for about eight hours. He has been directed to join the investigation again for further questioning,” a CBI spokesperson said.
Multiple Investigations and Enforcement Action
The case is part of a broader scrutiny of financial dealings involving companies linked to Ambani. In related developments, the Enforcement Directorate (ED) has previously attached assets worth Rs 581.65 crore in connection with alleged irregularities in Reliance Home Finance Ltd. (RHFL) and Reliance Commercial Finance Ltd. (RCFL).
Investigative agencies are also examining the role of other officials and entities linked to the transactions under scrutiny.
Ambani Denies Allegations, Assures Cooperation
Ambani’s spokesperson said that he has denied all allegations and will cooperate fully with investigative agencies.
“The appearance is in furtherance of Ambani’s commitment to extend full cooperation in connection with the FIR registered on the basis of SBI’s complaint,” the statement said.
The spokesperson also maintained that the allegations pertain to transactions dating back over a decade, when Ambani was serving as a non-executive director of the company and was not involved in its day-to-day operations.
Matter Sub Judice in Multiple Forums
The case remains under judicial consideration, with proceedings ongoing before the National Company Law Tribunal (NCLT) and other courts, including the Supreme Court.
Ambani has challenged SBI’s claims and related actions in competent legal forums, asserting that the issues are subject to ongoing adjudication.
Further Questioning Likely
Officials said the investigation is at a crucial stage, with further questioning of Ambani and other stakeholders expected in the coming days. The agency is likely to intensify its probe into financial trails and decision-making processes within the company.
The outcome of the investigation could have wider implications for corporate governance standards and accountability in large-scale loan disbursement cases involving public sector banks.
(India CSR)
