NEW DELHI — The Central Bureau of Investigation (CBI) has registered a fresh First Information Report (FIR) against Reliance Communications Limited (RCom), its erstwhile promoter and chairman Anil Ambani, and former director Manjari Ashok Kacker. The case pertains to an alleged bank loan fraud involving a sum of ₹1,085 crore, marking a significant escalation in the legal challenges facing the beleaguered industrialist.
Details of the Allegations
According to the FIR dated March 5, 2026, the accused have been charged with criminal conspiracy, cheating, and criminal misconduct. The complaint, primarily lodged by Punjab National Bank (PNB) and the erstwhile United Bank of India (now merged with PNB), alleges that the company diverted and misappropriated credit facilities sanctioned between 2013 and 2017.
The investigative agency contends that the funds were siphoned off through a series of fictitious transactions involving related parties. Forensic audits reportedly revealed that RCom manipulated its books of accounts to conceal these irregularities and misrepresent its financial health to lenders.
Legal Context and Recent Developments
This latest action follows a series of recent judicial developments. While the loan accounts in question were declared Non-Performing Assets (NPAs) as early as 2017, the classification of these accounts as “fraud” had been stayed by the Bombay High Court following a petition by Mr. Ambani.
Key Timeline:
- 2017: Loan accounts declared NPAs due to payment defaults.
- February 23, 2026: Bombay High Court vacates the stay on fraud declaration.
- March 5, 2026: CBI officially registers the FIR following a formal complaint from PNB.
This case is distinct from an earlier probe involving a ₹2,220-crore fraud allegation by the Bank of Baroda and a separate SBI-led consortium investigation. The CBI has already conducted searches at Mr. Ambani’s residence, ‘Sea Wind’, in Mumbai and RCom’s registered offices, recovering documents linked to the disputed transactions.
The Enforcement Directorate (ED) is also running a parallel investigation under the Prevention of Money Laundering Act (PMLA), with total asset attachments related to the group reportedly exceeding ₹15,000 crore.
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