The Central Bureau of Investigation (CBI) is investigating bank loan frauds cumulatively worth Rs 73,000 crore in seven cases registered against the Reliance Anil Ambani Group, according to a status report filed in the Supreme Court in February.
The CBI informed the court that it is actively investigating seven cases, and is probing the roles of certain public servants as well. After reviewing the status report filed by the CBI and its financial investigations counterpart, the Enforcement Directorate (ED), the apex court issued an order on March 23.
The major banks in India such as SBI have filed a complaint about the fraud. SBI has around ₹3,000 crore at stake with RCom.
The latest fraud has been reported in LIC. The CBI registered a new case alleging RCom caused a ₹3,750 crore loss to the Life Insurance Corporation of India (LIC). The FIR alleges RCom misrepresented its financial health to induce LIC to invest in Non-Convertible Debentures (NCDs). A forensic audit (BDO India LLP) alleged fund diversion and fictitious billing.
The CBI registered the FIR on April 1, 2026, naming Anil Ambani, Reliance Communications, and unknown public servants as accused. According to the complaint filed by LIC, the insurer was “fraudulently induced” to subscribe to Non-Convertible Debentures (NCDs) worth Rs 4,500 crore.
The agency alleges that the RCom management made false representations regarding the company’s financial stability and the actual value of the assets offered as security to LIC. The case is built on a forensic audit report conducted by BDO India LLP, which was finalized in late 2020. The audit reportedly uncovered a systematic pattern of fund diversion. This includes the routing of capital through subsidiaries, the use of fictitious bill discounting, and the creation of shell entities to siphon off money raised from financial institutions. The report further noted a gross overstatement of security, revealing a critical mismatch between the assets pledged to LIC and their actual market value.
This is the fourth major case registered by the CBI against RCom and its top leadership in recent months. The agency had earlier filed FIRs based on complaints from a consortium of lenders led by State Bank of India, Bank of Baroda, and Punjab National Bank, for alleged frauds totaling over Rs 6,000 crore.
