On August 23, 2025, India’s Central Bureau of Investigation (CBI) launched a criminal case against industrialist Anil Ambani and Reliance Communications Ltd. (RCom) following a complaint by the State Bank of India (SBI) alleging fraud that caused $344 million (Rs30 billion) in losses, as reported by Reuters. The probe marks a significant escalation in scrutiny of Ambani, the younger brother of billionaire Mukesh Ambani.
The CBI conducted searches at Anil Ambani’s Mumbai residence and RCom offices, accusing the company of misusing and diverting bank funds for unauthorised purposes. An Ambani spokesperson told Reuters the searches concluded early on August 23, stating, “Mr. Ambani strongly denies all allegations and will duly defend himself.” SBI’s complaint, unanswered at the time, claims the fraud led to significant financial losses.
India's Central Bureau of Investigation said it registered a criminal case against Reliance Communications, its former director Anil Ambani and several other people following a fraud complaint from the State Bank of India https://t.co/1FehahLLM4
— Bloomberg (@business) August 23, 2025The investigation follows the Enforcement Directorate’s July 2025 raids on 35 Reliance Group locations over alleged money laundering, per The Economic Times. RCom, now insolvent, has faced financial turmoil since its 2019 bankruptcy, with debts exceeding Rs40,000 crore. Anil Ambani’s net worth, once $42 billion, has plummeted, contrasting with Mukesh Ambani’s $120 billion, per Forbes. The CBI’s actions align with India’s crackdown on corporate fraud amid economic reforms.
The case has sparked debate on X, with posts like “Anil Ambani’s fall from grace continues” trending. Industry analysts note the probe could impact India’s telecom sector, already strained by competition and debt. SBI’s allegations highlight concerns over financial governance, with potential ripple effects on investor confidence in Reliance Group entities.
As the CBI deepens its investigation, Anil Ambani’s legal team is expected to challenge the charges. The case could influence India’s anti-fraud policies and corporate accountability measures, with updates anticipated as court proceedings unfold. Authorities urge stakeholders to monitor official CBI statements for clarity.
