CBI Registers New Case Against RCom and Anil Ambani, Alleges Rs 3,750 Crore Loss to LIC
CBI Registers New Case Against RCom and Anil Ambani, Alleges Rs 3,750 Crore Loss to LIC
The Central Bureau of Investigation (CBI) on Wednesday (April 1, 2026) registered a new case against Reliance Communications Limited (RCom). It is alleged that in this case, Life Insurance Corporation of India (LIC) suffered a wrongful loss of Rs 3,750 crore.
The investigation said that RCom and its management made misrepresentations regarding the company’s financial position, available security, and asset cover. Based on these alleged misleading claims, LIC was induced to take non-convertible debentures (NCDs) worth Rs 4,500 crore.
LIC filed the complaint on the basis of the forensic audit report dated October 15, 2020. This report was prepared by BDO India LLP. The report said that RCom and its management allegedly misused funds raised from banks and financial institutions. The CBI alleged that funds were diverted through subsidiaries, sale invoice financing was misused, fictitious bills were discounted, and funds were systematically withdrawn through inter-company deposits and shell-linked entities.
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It was also said that fictitious debtors and receivables were created and later written off. Also, the security was shown to be much higher than the actual situation, leading to a mismatch between the charges and the available assets.
Even before this, the CBI had registered three cases against RCom, Anil Ambani and others for alleged fraud with several banks. Investigating agencies say the total outstanding of the company to various lenders is more than Rs 40,000 crore.