Thu Feb 26 12:51:02 UTC 2026: ### Headline: Anil Ambani Faces Further Scrutiny as CBI Investigates Bank of Baroda Fraud Allegations

The Story:

Reliance Group chairman Anil Ambani is facing increased legal pressure as the Central Bureau of Investigation (CBI) conducted searches on his premises and registered a second case against him and Reliance Communications Limited (RCom) concerning alleged fraud against the Bank of Baroda for ₹2,220 crore. This development follows Ambani’s appearance before the Enforcement Directorate (ED) in connection with a separate alleged bank loan fraud case. The CBI’s new FIR, filed on February 24, 2026, alleges that loan funds were diverted through fictitious transactions, with RCom’s books of accounts manipulated to conceal irregularities.

The ED has already attached Mr. Ambani’s Pali Hill residential property in Mumbai worth ₹3,716.83 crore in the alleged RCom bank fraud case, taking the total value of attachments so far to over ₹15,700 crore pertaining to the group. It is alleged that RCom and its group companies had taken loans from domestic and foreign lenders, of which a total amount of ₹40,185 crore is outstanding.

Key Points:

  • The CBI registered a fresh FIR against Anil Ambani and RCom on February 24, 2026, for allegedly cheating the Bank of Baroda of ₹2,220 crore.
  • Anil Ambani appeared before the Enforcement Directorate on February 26, 2026, in connection with another alleged bank loan fraud case.
  • The CBI alleges loan funds were diverted through fictitious transactions with related parties, and RCom’s books of accounts were manipulated.
  • The loan account was declared a non-performing asset in 2017.
  • The ED has attached Mr. Ambani’s Pali Hill residential property in Mumbai worth ₹3,716.83 crore in the alleged RCom bank fraud case, taking the total value of attachments so far to over ₹15,700 crore pertaining to the group.
  • ₹40,185 crore is the total outstanding amount of loans taken by RCom and its group companies from domestic and foreign lenders.

Critical Analysis:

The timing of the CBI searches and the FIR filing, immediately after the Bombay High Court vacated the stay on declaring the accounts as fraud on February 23, 2026, suggests coordinated action between the Bank of Baroda and investigative agencies. This indicates a concerted effort to pursue legal action against Anil Ambani and RCom after overcoming legal obstacles.

Key Takeaways:

  • Anil Ambani and RCom are facing mounting legal challenges related to alleged financial irregularities.
  • The CBI and ED are actively pursuing multiple cases against Ambani, indicating a broad investigation into the financial dealings of the Reliance Group.
  • The involvement of multiple banks (State Bank of India, Bank of Baroda, Vijaya Bank, and Dena Bank) underscores the widespread nature of the alleged fraud.
  • The attachment of assets by the ED signals a strong intent to recover funds allegedly siphoned off through fraudulent activities.

Impact Analysis:

The ongoing investigations and asset attachments are likely to have significant long-term implications for the Reliance Group’s financial stability and reputation. This could impact investor confidence and potentially trigger further legal actions from other creditors. The outcome of these cases will likely set a precedent for how financial institutions and investigative agencies handle similar cases of alleged bank fraud in the future.

Read More

Related News: