Industrialist Anil Ambani on Thursday appeared before the Enforcement Directorate (ED) in New Delhi for a second round of questioning in a bank fraud-linked money laundering case, even as the Central Bureau of Investigation (CBI) registered a fresh FIR against him and Reliance Communications (RCOM) over an alleged Rs 2,220 crore fraud involving Bank of Baroda.
Ambani, 66, reached the ED office around 10.30 am, where his statement was recorded under provisions of the Prevention of Money Laundering Act (PMLA). He was first questioned in the case in August 2025.
The ED probe pertains to an alleged bank fraud of over Rs 40,000 crore involving RCOM. The agency had earlier claimed that the alleged laundered funds were diverted through multiple foreign subsidiaries and offshore entities of the company. In January, it arrested former RCOM president Punit Garg in connection with the case.
On Wednesday, the ED attached Ambani’s Mumbai residence ‘Abode’, valued at Rs 3,716 crore, under the anti-money laundering law. The agency has also constituted a special investigation team (SIT), following directions of the Supreme Court, to examine multiple allegations of loan fraud and financial irregularities against Ambani and his group companies.
CBI’s fresh FIR
Separately, the CBI registered a new case based on a complaint from Bank of Baroda alleging wrongful loss of over Rs 2,220 crore due to loans availed by RCOM between 2013 and 2017.
“After registration of this case, the CBI has conducted searches at the residence of Anil Ambani and the registered offices of Reliance Communication Ltd. Various documents connected with this loan transactions have been recovered,” a CBI spokesperson said.
“The allegations in the FIR are that Bank of Baroda has suffered a loss of more than Rs 2,220 crore due to the loans availed by Reliance Communications which were allegedly diverted and misutilized by creating fictitious transactions with related parties,” the spokesperson said.
According to the complaint, RCOM, Reliance Infratel Ltd and Reliance Telecom Ltd collectively received Rs 31,580 crore from banks and financial institutions. A portion of the funds was allegedly used to repay other loans, routed to related parties, or invested in fixed deposits and mutual funds that were quickly liquidated.
The bank alleged systematic diversion, manipulation of books, and layering of funds to camouflage the true flow of money. The account was classified as a non-performing asset in June 2017. A stay by the Bombay High Court on declaring the account as fraud was vacated on February 23, 2026, following which the complaint was lodged.
The CBI noted that this case is distinct from an earlier FIR based on a complaint by SBI, as Bank of Baroda was not part of that consortium.
No immediate response was available from the company.
Also read: Tina Ambani skips ED summons again
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