Anil Ambani Questioned Again in ₹2,929 Crore Bank Fraud Case | CBI Probe Intensifies :

Prime Vista News

Businessman Anil Ambani faces second day of CBI questioning in ₹2,929 crore bank fraud case linked to Reliance Communications. Probe expands across multiple banks and financial transactions.

New Delhi: The investigation into one of India’s high-profile financial fraud cases has gathered momentum, with businessman Anil Ambani appearing before the Central Bureau of Investigation (CBI) for a second consecutive day of questioning in connection with an alleged ₹2,929 crore bank fraud case.

According to officials familiar with the development, Ambani was interrogated for nearly seven hours on Friday after being summoned again by the agency. He had initially appeared before investigators on March 19, but the questioning remained incomplete, prompting the CBI to call him back for further examination.

The case stems from allegations of large-scale financial irregularities linked to Reliance Communications and its former directors during the period between 2013 and 2017.

Case Origin-Complaint Led by SBI

The case was formally registered on August 21, 2025, following a complaint filed by the State Bank of India (SBI), which acted as the lead bank in a consortium of 11 lenders.

The complaint was based on findings from a forensic audit, which reportedly uncovered a pattern of financial discrepancies involving the diversion and misuse of loan funds. Investigators allege that funds were routed through a complex web of transactions among group entities, raising serious concerns about corporate governance and financial transparency.

According to the audit findings cited by investigators, the alleged irregularities resulted in a wrongful loss of approximately ₹2,929.05 crore to SBI alone. The total exposure across multiple banks in the consortium is estimated at ₹19,694.33 crore, making it one of the most significant banking fraud cases currently under investigation.

Multi-Bank Exposure Widens Probe

Following SBI’s complaint, several other banks also approached investigative agencies with similar allegations. These include:

• Punjab National Bank
• Bank of India
• Union Bank of India
• UCO Bank
• Central Bank of India
• IDBI Bank
• Bank of Maharashtra

These institutions are part of a broader consortium that extended credit facilities to companies within the Reliance Group. Investigators believe that a portion of these funds may have been diverted or misutilised through layered financial transactions.

Officials say the expanding number of complaints has significantly widened the scope of the investigation, with multiple FIRs now forming part of a larger probe into alleged financial misconduct.

Additional FIRs and Linked Investigations

Apart from the primary case involving Reliance Communications, the CBI has also registered additional cases based on complaints from banks such as Bank of Baroda and Punjab National Bank earlier this year.

One such related case involves Reliance Commercial Finance, where allegations of fraud amounting to ₹57.47 crore have surfaced. The FIR, registered on December 6, 2025, names several individuals including Devang Pravin Mody and Ravindra Somayajula Rao.

As part of this investigation, the agency also summoned Divy Dangi, a whole-time director at Authum Investment & Infrastructure Ltd, which has taken over certain assets of Reliance Commercial Finance Ltd and Reliance Home Finance Ltd.

Dangi was questioned for around four hours, with investigators examining financial transactions and corporate linkages that could shed light on the alleged diversion of funds.

Allegations of Fund Diversion

At the heart of the case are allegations that loan funds obtained from banks were not utilised for their intended purposes. Instead, investigators suspect that money was diverted through multiple channels, including:

• Inter-company transactions within group entities
• Routing through shell companies
• Investment in unrelated ventures
• Possible siphoning for personal or corporate gain

A forensic audit report cited by investigators suggests that these transactions were structured in a way that made it difficult to trace the exact flow of funds, thereby complicating the financial trail.

Authorities are now analysing banking records, transaction logs, and corporate filings to reconstruct the movement of funds and identify potential beneficiaries.

Raids and Evidence Collection

The investigation has also involved extensive search operations. In August 2025, the CBI conducted raids at multiple locations, including company offices and Ambani’s residence in Mumbai.

During these searches, officials reportedly seized several documents described as “incriminating,” which are now being examined as part of the ongoing probe.

Subsequent searches were also carried out in December 2025 at premises linked to Reliance Commercial Finance Ltd and individuals connected to the case, including locations in Mumbai and Pune.

Investigators believe these documents could provide crucial evidence regarding financial transactions, internal communications, and decision-making processes within the companies involved.

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Scale of Financial Exposure

The magnitude of the alleged fraud is underscored by the involvement of multiple financial institutions. In one related case, a consortium of 31 banks and financial institutions including 13 state-owned banks reported a total exposure of ₹4,097 crore.

Additionally, the combined exposure of Bank of Maharashtra and Punjab National Bank in a separate complaint is estimated at ₹302.38 crore.

Officials say the scale of the alleged irregularities points to systemic issues in lending practices, monitoring mechanisms, and corporate accountability.

CBI Focus-Tracing the Money Trail

Sources within the investigative agency indicate that the primary focus at this stage is to trace the complete money trail. This involves:

• Mapping transactions across bank accounts
• Identifying shell entities used for fund routing
• Examining property and asset acquisitions
• Establishing accountability among company directors and officials

The agency is also exploring whether the alleged financial irregularities violated provisions of banking laws, corporate governance norms, and criminal statutes.

What Lies Ahead…?

With the questioning of Anil Ambani continuing, investigators are expected to intensify efforts to piece together the full scope of the alleged fraud. Officials say further summons, interrogations, and forensic analyses are likely in the coming weeks.

Legal experts note that cases of this scale often take time to conclude due to the complexity of financial transactions and the involvement of multiple stakeholders.

For now, the case remains under active investigation, with authorities working to determine the extent of liability and potential criminal responsibility.

As of now……

The ongoing probe into the ₹2,929 crore bank fraud case involving Reliance Communications has once again brought the spotlight on corporate accountability and banking oversight in India.

As investigative agencies continue to dig deeper, the outcome of the case could have significant implications not only for those directly involved but also for the broader financial system.

Prime Vista News will continue to track developments in this case as the investigation progresses.