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onApril 2, 2026

Anil Ambani confronted with new CBI case regarding LIC fraud accusations.

Anil Ambani confronted with new CBI case regarding LIC fraud accusations.
2 min read
The Central Bureau of Investigation (CBI) has opened a new case against Anil Ambani and others for allegedly defrauding the Life Insurance Corporation of India of over ₹4,500 crore between 2009 and 2017.

The FIR identifies Reliance Communications, Ambani, the former non-executive chairman, and several unknown public officials, alleging criminal conspiracy, cheating, and criminal breach of trust.

According to the complaint lodged by LIC, the insurer invested ₹4,500 crore in secured non-convertible debentures (NCDs) issued by RCOM in two installments—₹3,000 crore in March 2009 and ₹1,500 crore in February 2012. Of this amount, ₹3,750 crore remains unpaid.
Also read: Anil Ambani proposes repayment plan as Supreme Court questions investigation delays

LIC claimed it was persuaded to invest based on assurances provided by RCOM regarding its financial status, the intended use of funds, and the security backing the instruments. The company indicated that funds would be directed toward telecom expansion and debt refinancing.

However, a forensic audit later revealed that these claims were misleading and the funds were reportedly diverted.

RCOM had pledged a first charge on movable assets of group entities, along with telecom licenses, assuring asset coverage of up to 1.75 times.

However, the audit indicated that total liabilities reported to lenders reached ₹49,111 crore, significantly surpassing the total asset base of ₹26,163 crore. This suggested that the security pledged was either exaggerated or already encumbered, rendering it virtually worthless.

The account defaulted in May 2017 and was classified as a non-performing asset in August of that year. Despite numerous demands, LIC has been unable to recover the outstanding amounts, with interest escalating.

Since 2025, the CBI has been investigating Anil Ambani in several alleged loan fraud cases linked to Reliance Communications, amounting to over ₹40,000 crore in lender exposure involving banks like SBI, Bank of Baroda, and PNB.

To date, the CBI has registered at least three FIRs, involving ₹2,929 crore (SBI), ₹2,220 crore (BoB), and ₹1,085 crore (PNB), highlighting fund diversion and fictitious transactions.

Investigations intensified following forensic audits and the RBI’s classification of fraud. In March 2026, Ambani was questioned for several hours, while senior executives from the group were also summoned as part of the ongoing inquiry.

Also read: CBI conducts searches at the office and residence of Anil Ambani in RCom loan case

(Edited by : Ajay Vaishnav)

First Published: Apr 1, 2026 4:50 PM IST

Sid
onApril 2, 2026
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