In New Delhi and Mumbai, the CBI conducted searches at the Mumbai residence of Anil Ambani, Director of Reliance Communication Ltd. (RCOM), on Saturday, following the registration of a case involving the alleged defrauding of the State Bank of India for Rs 2929.05 crore. CBI teams searched two locations in Mumbai, including Ambani’s residential address and the official premises of RCOM. The agency registered an FIR on Thursday against RCOM, Ambani, unnamed public servants, and others based on a complaint from SBI. The searches were carried out at Ambani’s residence, known as ‘Sea Wind,’ located in Cuffe Parade. The CBI has accused Ambani and RCOM of committing criminal conspiracy, cheating, and criminal breach of trust.
The allegations state that the accused misrepresented and secured credit facilities from SBI for RCOM, leading to a wrongful loss of Rs 2929.05 crore to the bank. According to the CBI spokesperson, the case involves claims of misutilisation and diversion of loan funds, potential routing of loan funds, inter-company loan transactions, and improper financing practices, including misutilisation of sales invoice financing by Reliance Infratel Ltd. Additionally, the agency claims that capital advances to Netizen Engineering Pvt. Ltd., a Reliance ADA Group company, were written off, and fictitious debtors were created and subsequently written off. The CBI obtained search warrants from the Court of Special Judge, CBI, Mumbai on August 22, 2025, to execute these searches.
The SBI had previously classified Ambani’s account and that of RCOM as ‘fraud’ on November 10, 2020, and filed a complaint with the CBI on January 5, 2021, which was later returned due to a ‘status quo’ order from the Delhi High Court on January 6, 2021.
