In a dramatic escalation of India’s banking fraud crackdown, Anil Ambani, the once-prominent Reliance Group chairman, endured an exhaustive eight-hour grilling by the Central Bureau of Investigation (CBI) on Thursday. The session at CBI’s Delhi headquarters focused on a staggering Rs 2,929 crore fraud case originating from State Bank of India’s allegations against Reliance Communications.
Launched in August 2025 following forensic evidence of fund misuse, the probe highlights how loans from a consortium of 17 public banks were siphoned off through convoluted group company transactions from 2013 to 2017. SBI bore the brunt of the Rs 2,929 crore loss, part of a broader Rs 19,694 crore exposure that has drawn complaints from major lenders including PNB, BOI, Union Bank, and others.
Investigators have already conducted high-profile raids, seizing key documents from company premises and Ambani’s home. Ambani, directed to return Friday, is cooperating per his team’s statement, amid a related Rs 57.47 crore probe into Reliance Commercial Finance.
This case exemplifies the systemic risks in corporate lending, where forensic audits have peeled back layers of deception. As CBI connects the dots across multiple FIRs, the scandal threatens to reshape perceptions of Reliance’s past financial maneuvers. Stakeholders watch closely, bracing for potential domino effects on India’s corporate landscape.