Overview

• The CBI registered an FIR on August 21 naming Reliance Communications and director Anil D. Ambani for allegedly causing a Rs 2,929.05 crore loss to SBI.
• Investigators executed search warrants on August 23 at Ambani’s Mumbai residence and RCom premises after obtaining court approval on August 22.
• SBI’s complaint cites a 2020 forensic audit of 2013–2017 transactions alleging diversion and misuse of loans, inter-company transfers, invoice financing irregularities, and write-offs including advances to Netizen Engineering.
• Bank of India has separately tagged RCom and Ambani as ‘fraud’, per an August 8 decision disclosed on August 22, citing 2016 loan violations and an outstanding of Rs 724.78 crore.
• A spokesperson for Ambani denied the allegations, noting his non‑executive role at the time, as the ED pursues a parallel money‑laundering probe into alleged fund siphoning across group entities.