The Central Bureau of Investigation (CBI) conducted searches at the office and residence of industrialist Anil Ambani on Thursday in connection with the alleged loan fraud linked to his group company, Reliance Communications (RCOM). During the raids, the agency has recovered various documents connected with the loan transactions.

The raids were carried out at the registered offices of the RCOM shortly after the CBI registered a second case against the company. The case was filed based on a complaint given by the Bank of Baroda (BoB) on Tuesday.

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The case has been registered for offences of conspiracy and cheating under the IPC and criminal misconduct and abuse of official position under the Prevention of Corruption Act, against Anil Ambani, Promoter & erstwhile Chairman of Rcom.

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According to the FIR, the Bank of Baroda suffered a loss of more than Rs 2,220 crores due to loans availed by Reliance Communications, which were allegedly diverted and misutilised by creating fictitious transactions with related parties.

The bank has alleged that the book of accounts of Reliance Communications Ltd was manipulated to conceal irregularities.

“The account was declared a Non-Performing Asset in 2017 itself. However, based on the petition filed by Anil Ambani before the Hon’ble High Court of Bombay, there was a stay on the declaration of the accounts as a fraud by the Hon’ble High Court. The stay was vacated on 23.02.2026 after which the Bank of Baroda lodged this complaint, and CBI has taken up the case immediately,” the agency said.

The CBI has already registered a case against Reliance Communications based on a complaint lodged by the SBI, which is the lead bank of a consortium consisting of 11 banks. However, Bank of Baroda was not part of the said consortium, and this is a different loan availed by Reliance Communication Ltd. from Bank of Baroda.