Anil Ambani denies fraud charges after CBI raid; calls SBI move ‘selective targeting’
The action follows the agency’s FIR registered on Thursday against Reliance Communications Ltd (RCom), Director Anil D Ambani, unnamed public servants, and others, based on a complaint by SBI.
- Aug 23, 2025,
- Updated Aug 23, 2025 10:26 PM IST
The Central Bureau of Investigation (CBI) on Saturday searched the residence of Reliance Communications Ltd. (RCOM) Director Anil Ambani in Mumbai, days after registering a case over the alleged defrauding of State Bank of India (SBI) to the tune of ₹2,929.05 crore.
CBI teams conducted raids at two locations — RCOM’s official premises and Ambani’s residence — following the FIR registration.
The action follows the agency’s FIR registered on Thursday against Reliance Communications Ltd (RCom), Director Anil D Ambani, unnamed public servants, and others, based on a complaint by SBI.
The searches were conducted at Ambani’s Cuffe Parade residence, ‘Sea Wind’. The CBI said Ambani and RCom have been booked for alleged offences of criminal conspiracy, cheating, and criminal breach of trust. The agency obtained search warrants from the Special CBI Court in Mumbai on August 22, 2025.
In a statement, a spokesperson for Ambani said, “The search at Anil D. Ambani’s residence concluded early this afternoon. The complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years. At the relevant time, Ambani was a Non-Executive Director of the company, with no involvement in the day-to-day management.”
The statement further noted that SBI had already withdrawn proceedings against five other non-executive directors, and that “Ambani has been selectively singled out.” It added that Reliance Communications is currently managed by a Committee of Creditors led by SBI, under a resolution professional, and that the matter has been pending before the NCLT and other judicial forums for six years.
“Ambani strongly denies all allegations and charges, and will duly defend himself,” the spokesperson added.
SBI had initially classified Ambani and the company account as 'fraud' on November 10, 2020, and filed a complaint with the CBI in January 2021. However, the complaint was returned following a Delhi High Court ‘status quo’ order dated January 6, 2021.
Subsequently, a Supreme Court ruling on March 27, 2023, in the SBI vs Rajesh Agarwal case required that borrowers be given a chance to respond before being classified as fraudulent. As a result, SBI reversed the fraud classification on September 2, 2023. After following RBI’s revised guidelines from July 15, 2024, the bank reclassified the account as fraud.
(With inputs from PTI)
The Central Bureau of Investigation (CBI) on Saturday searched the residence of Reliance Communications Ltd. (RCOM) Director Anil Ambani in Mumbai, days after registering a case over the alleged defrauding of State Bank of India (SBI) to the tune of ₹2,929.05 crore.
CBI teams conducted raids at two locations — RCOM’s official premises and Ambani’s residence — following the FIR registration.
The action follows the agency’s FIR registered on Thursday against Reliance Communications Ltd (RCom), Director Anil D Ambani, unnamed public servants, and others, based on a complaint by SBI.
The searches were conducted at Ambani’s Cuffe Parade residence, ‘Sea Wind’. The CBI said Ambani and RCom have been booked for alleged offences of criminal conspiracy, cheating, and criminal breach of trust. The agency obtained search warrants from the Special CBI Court in Mumbai on August 22, 2025.
In a statement, a spokesperson for Ambani said, “The search at Anil D. Ambani’s residence concluded early this afternoon. The complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years. At the relevant time, Ambani was a Non-Executive Director of the company, with no involvement in the day-to-day management.”
The statement further noted that SBI had already withdrawn proceedings against five other non-executive directors, and that “Ambani has been selectively singled out.” It added that Reliance Communications is currently managed by a Committee of Creditors led by SBI, under a resolution professional, and that the matter has been pending before the NCLT and other judicial forums for six years.
“Ambani strongly denies all allegations and charges, and will duly defend himself,” the spokesperson added.
SBI had initially classified Ambani and the company account as 'fraud' on November 10, 2020, and filed a complaint with the CBI in January 2021. However, the complaint was returned following a Delhi High Court ‘status quo’ order dated January 6, 2021.
Subsequently, a Supreme Court ruling on March 27, 2023, in the SBI vs Rajesh Agarwal case required that borrowers be given a chance to respond before being classified as fraudulent. As a result, SBI reversed the fraud classification on September 2, 2023. After following RBI’s revised guidelines from July 15, 2024, the bank reclassified the account as fraud.
(With inputs from PTI)