CBI files FIRs in Reliance Communications, Reliance Commercial Finance bank fraud probes

The Central Bureau of Investigation (CBI) has intensified its probe into an alleged ₹2,929.05 crore fraud case related to State Bank of India (SBI), summoning senior executives of the Reliance ADA Group as part of the ongoing investigation. The agency had registered an FIR on August 21, 2025, based on a complaint by SBI, naming Reliance Communications Ltd., Anil D. Ambani and others, including unknown public servants, in connection with alleged cheating and financial irregularities.

As part of the investigation, the CBI summoned two Group Managing Directors of the Reliance ADA Group, Gautam Doshi and Sateesh Seth, for examination at its headquarters in Delhi on March 21, 2026. Both executives appeared before the investigating officer and were questioned throughout the day. Earlier this week, another Group Managing Director of the group, Amitabh Jhunjhunwala, was also examined on March 18 in connection with the same case.

Officials said the FIR relates to alleged misrepresentation and irregularities in credit facilities sanctioned by SBI to Reliance Communications Ltd., which later turned into non-performing assets. The agency is looking into whether the accused persons, in criminal conspiracy, obtained loans by providing misleading information and whether there was diversion or misuse of funds.

The probe comes after SBI reported large outstanding dues from the company, which was part of a broader debt burden of over ₹40,000 crore owed to multiple lenders at the time of default. Investigators are also examining the possible role of bank officials and other unknown persons in sanctioning and handling the loan accounts.

Reliance Commercial Finance case

In a separate but related development, the CBI is also investigating another fraud case involving Reliance Commercial Finance Ltd. The FIR in this matter was registered on December 6, 2025, following a complaint by Bank of Maharashtra, which alleged cheating of ₹57.47 crore.

According to officials, the total loss caused to banks and financial institutions in this case is estimated at around ₹9,280 crore, including exposure of about ₹4,097 crore to public sector banks. The case names Reliance Commercial Finance Ltd., Devang Pravin Mody, Ravindra Somayajula Rao and other unknown persons, including unidentified public servants.

As part of the probe, the CBI on Friday summoned Sanjay Dangi, an advisor at Authum Investment & Infrastructure Ltd., which has taken over the assets of Reliance Commercial Finance Ltd. and Reliance Home Finance Ltd. Dangi appeared before the investigating officer at the CBI headquarters and was examined through the day, officials said.

The agency is examining the flow of funds, loan approvals, and transactions linked to the companies to determine whether bank loans were misused or diverted.

Earlier this week, industrialist Anil Ambani had also appeared before the CBI in connection with the Reliance Communications case. Through his spokesperson, Ambani denied all allegations and said he would fully cooperate with the investigation. The statement said the matter relates to events more than a decade old and remains under consideration before the National Company Law Tribunal and other judicial forums, including the Supreme Court.

Officials said the investigation in both cases is ongoing.