Anil Ambani interrogated for second day in bank fraud case

The case is part of the broader CBI investigation into alleged financial irregularities involving Reliance Communications Ltd and its former directors between 2013 and 2017, the CBI sources said.

The case was registered on August 21, 2025, following a complaint by State Bank of India (SBI), the lead bank in a consortium of 11 lenders. The complaint, based on a forensic audit, alleges large-scale diversion and misutilisation of loan funds between 2013 and 2017 through complex transactions among group entities.

Investigators claim the alleged irregularities caused a wrongful loss of Rs 2,929.05 crore to the SBI, part of a total exposure of Rs 19,694.33 crore involving 17 public sector banks. Subsequently, similar complaints were filed by several other banks, including Punjab National Bank, Bank of India, Union Bank of India, UCO Bank, Central Bank of India, IDBI Bank and Bank of Maharashtra.

The agency has also registered additional cases against Reliance Communications Limited and its directors based on complaints from Bank of Baroda and Punjab National Bank earlier this year.

Searches were conducted at company offices and Ambani’s residence in Mumbai in August-2025, during which investigators seized several “incriminating” documents.

Meanwhile, on the basis of another FIR which the CBI had registered on a complaint made by Bank of Maharashtra on December 6, 2025, against Reliance Commercial Finance Ltd, Devang Pravin Mody, Ravindra Somayajula Rao and others on allegations of defrauding the bank to the tune of Rs 57.47 crore, the agency on Friday also summoned Divy Dangi, a Whole-Time Director at Authum Investment & Infrastructure Ltd, which has taken over the assets of M/s Reliance Commercial Finance Ltd and M/s Reliance Home Finance Ltd, which is under investigation. Divy Dangi was interrogated by the CBI for around four hours, the sources informed.

The complaint filed by Bank of Maharashtra is based on the forensic audit report, which had alleged large scale diversion of funds. There are 31 bank and financial institutions (including 13 state-owned banks) in the consortium, having a total exposure of Rs 4,097 crores.

Subsequently, the CBI had also received complaints from Punjab National Bank. The total exposure of Bank of Maharashtra and Punjab National Bank is Rs 302.38 crores in the case.

CBI had conducted searches at official premises of M/s Reliance Commercial Finance Ltd and at residential premises of Devang Pravin Mody, at Mumbai and Pune respectively on December 9, 2025. Several incriminating documents were taken into possession during the searches.