The CBI on Wednesday registered a new criminal case against well-known industrialist Anil Ambani and his company Reliance Communications Limited (RCom). In this case, it is alleged that these people wrongfully caused a loss of Rs 3,750 crore to Life Insurance Corporation (LIC). CBI has taken this action on the basis of a forensic audit report. The report said RCom embezzled funds and forced LIC to purchase large amounts of debentures by misrepresenting its financial position.
CBI registered FIR in this case on 1 April 2026. Anil Ambani, Reliance Communications and some unknown government officials have been made accused in this. According to LIC’s complaint, non-convertible debentures (NCDs) worth Rs 4,500 crore were subscribed to LIC on the basis of false information. The management of RCom had given false information about the financial condition of the company and the authenticity of the assets given as security.
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Based on forensic audit report
This entire case is based on the forensic audit report done by BDO India LLP. This report was completed on 15 October 2020. The audit revealed that RCom misused money raised from banks and financial institutions.
Money was diverted through subsidiary companies, wrong bills were discounted and money was siphoned off through shell companies. There is also an allegation in the report of overestimating the value of the assets given as security. A large discrepancy was found between the actual market value and the quoted assets.
LIC complained
On the complaint of LIC, CBI has registered a case under conspiracy, fraud, embezzlement and prevention of corruption act. By giving false information to LIC, its money was taken advantage of.
The report also said that RCom and its management misused funds taken from banks, siphoned off funds through inter-company deposits and created fictitious debtors and receivables and wrote them off.
Fourth case against Anil Ambani
This new case is the fourth case of CBI against RCom and Anil Ambani. Three cases have already been registered, in which there are allegations of defrauding several banks. Anil Ambani was earlier interrogated by the CBI for two days in the SBI fraud case of Rs 2,929 crore.
A consortium of 11 banks led by SBI had given loan to Ambani Group. The forensic audit had revealed fund diversion due to complex money transactions between group companies between 2013 and 2017.
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After this, other banks like Punjab National Bank, Bank of India, Union Bank, UCO Bank, Central Bank, IDBI Bank and Bank of Maharashtra had also made separate complaints. In February 2026, another case was also registered on the complaint of Bank of Baroda. Currently CBI is investigating this new case.
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