Anil Ambani in Fresh Trouble; CBI Registers New Case Over Rs 3,750 Crore Loss to LIC
The CBI has registered a fresh case against Anil Ambani and Reliance Communications (RCom) for allegedly defrauding the Life Insurance Corporation of India (LIC) of Rs 3,750 crore through misrepresented debentures and siphoned funds.
- Republic Business
- 2 min read
CBI on Wednesday registered a fresh criminal case against industrialist Anil Ambani and Reliance Communications Ltd (RCom) for allegedly causing a wrongful loss of Rs 3,750 crore to LIC. The agency’s move comes after a forensic audit report that accused the telecom major of siphoning funds and misrepresenting its financial health to induce LIC into subscribing to high-value debentures.
Allegations of Financial Misrepresentation
The CBI registered the FIR on April 1, 2026, naming Anil Ambani, Reliance Communications, and unknown public servants as accused. According to the complaint filed by LIC, the insurer was "fraudulently induced" to subscribe to Non-Convertible Debentures (NCDs) worth Rs 4,500 crore.
The agency alleges that the RCom management made false representations regarding the company’s financial stability and the actual value of the assets offered as security to LIC. The case is built on a forensic audit report conducted by BDO India LLP, which was finalized in late 2020. The audit reportedly uncovered a systematic pattern of fund diversion. This includes the routing of capital through subsidiaries, the use of fictitious bill discounting, and the creation of shell entities to siphon off money raised from financial institutions. The report further noted a gross overstatement of security, revealing a critical mismatch between the assets pledged to LIC and their actual market value.
Escalating Legal Troubles for Anil Ambani
This marks the fourth major case registered by the CBI against RCom and its top leadership in recent months. The agency had earlier filed FIRs based on complaints from a consortium of lenders led by State Bank of India, Bank of Baroda, and Punjab National Bank, for alleged frauds totaling over Rs 6,000 crore.
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Just last month, CBI investigators questioned Anil Ambani for nearly eight hours at the agency's New Delhi headquarters in connection with the SBI-led fraud probe.