The Central Bureau of Investigation (CBI) on Thursday conducted searches at the residence of industrialist Anil Ambani and the registered offices of Reliance Communications (RCOM) in connection with a fresh bank fraud case involving the Bank of Baroda, officials said. The case, registered based on a complaint from the bank on February 24, 2026, alleges that Anil Ambani and RCOM diverted and misutilised loans, causing a loss of over Rs 2,220 crore. Of these, Rs 6,265.85 crore was utilized for repayment of other banks' loans and Rs 5,501.56 crore for payment to related/connected parties, while Rs 3,674.85 crore was invested in fixed deposits and mutual funds. The loan in question involved Bank of Baroda, the erstwhile Vijaya Bank, and Dena Bank (now merged with Bank of Baroda), and is separate from an earlier RCOM case registered by the CBI based on an SBI-led bank consortium. "After registration of this case, the CBI has conducted searches at the residence of Anil Ambani and the registered offices of Reliance Communication Ltd.

Source: The Telegraph February 26, 2026 16:29 UTC