The Central Bureau of Investigation (CBI) on Saturday morning conducted searches at industrialist Anil Ambani’s residence in Mumbai in connection with a bank fraud case worth Rs 3,073 crore.
Officials reached Ambani’s residence at Seawind, Cuffe Parade, around 7 am. According to sources, “seven to eight officials” arrived at the premises and have been carrying out the search since then. Ambani and his family are present at the residence while the searches are underway.
The CBI filed a fresh FIR against Anil Ambani, his business entities and others based on a complaint by State Bank of India (SBI) alleging fraud. The FIR has been lodged in Delhi.
In its complaint, SBI alleged a total fraud of Rs 3,073 crore by Anil Ambani’s Reliance Communications Limited (RCOM). The bank had earlier classified the account and promoters, including Anil D Ambani, as “fraud” on November 10, 2020, and filed a complaint with CBI on January 5, 2021. However, the complaint was returned due to a “status quo” order issued by the Delhi High Court on January 6, 2021.
The State Bank of India has now officially classified Reliance Communications Limited (RCOM) and its promoter director, Anil D Ambani, as “fraud,” Minister of State in the Ministry of Finance Pankaj Chaudhary informed the Lok Sabha on Friday.
In a written reply, Chaudhary said that SBI made the classification on June 13, 2025, under the Reserve Bank of India’s Master Directions on Fraud Risk Management and the bank’s internal policy. As part of disclosure norms, RCOM’s Resolution Professional informed the Bombay Stock Exchange about the classification on July 1, 2025.
According to the minister, SBI’s total exposure to RCOM includes a fund-based principal outstanding of Rs 2,227.64 crore with accrued interest and expenses since August 26, 2016, along with non-fund-based bank guarantees worth Rs 786.52 crore.
RCOM is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors approved a resolution plan, which was filed with the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020, but is still awaiting final approval. SBI has also initiated a Personal Insolvency Resolution Process against Anil Ambani under the IBC, which is being heard by NCLT Mumbai.
This is not the first time the Ambani-led telecom firm has faced such action. SBI had earlier classified RCOM and Anil Ambani as “fraud” in November 2020 and filed a complaint with CBI in January 2021.
