CBI Intensifies Probe into Rs 2,929 Crore Bank Fraud, Questions Former Reliance ADA Group MDs
The Central Bureau of Investigation (CBI) has intensified its investigation into a massive alleged bank fraud amounting to Rs 2,929.05 crore, involving Reliance Communications Ltd (RCom). In a significant development, two former Group Managing Directors of the Reliance Anil Dhirubhai Ambani Group (ADAG), Gautam Doshi and Sateesh Seth, appeared before the CBI for questioning on March 21, 2026. The interrogation took place at the CBI Head Office in New Delhi, where they were grilled throughout the day as part of the ongoing probe.
Expanding Investigation and Previous Interrogations
This latest move follows the questioning of industrialist Anil Ambani, who was interrogated by the CBI for approximately seven hours on Friday. Earlier in the week, on March 18, 2026, another Group Managing Director of the Reliance ADA Group, Amitabh Jhunjhunwala, was also summoned and questioned in connection with the same case. The CBI's actions highlight a broadening scope of the investigation, targeting key executives associated with the group.
FIR Details and Allegations of Financial Misconduct
The CBI had registered an FIR on August 21, 2025, based on a complaint filed by the State Bank of India (SBI). The FIR names Anil Ambani and several others, including unknown public servants, accusing them of fraud involving Rs 2,929.05 crore. According to the CBI's press release, the complaint was rooted in a forensic audit report that uncovered alleged large-scale diversion and misutilisation of loan funds. The report points to interlinked and circuitous transactions among group entities during the period from 2013 to 2017.
This financial misconduct reportedly resulted in a wrongful loss of Rs 2,929.05 crores to SBI, out of a total exposure of Rs 19,694.33 crores involving 17 public sector banks. The forensic audit suggests that loan funds were improperly channeled through complex transactions, leading to significant financial damages.
Consortium of Banks and Additional Complaints
SBI, as the lead bank in a consortium of 11 banks, spearheaded the complaint. The consortium includes:
- Bank of India
- Central Bank of India
- UCO Bank
- Union Bank of India
- e-Corporation Bank
- Canara Bank
- e-Syndicate Bank
- Indian Overseas Bank
- IDBI Bank Limited
- e-Oriental Bank of Commerce
Following the initial FIR, the CBI received separate complaints from other banks, including Punjab National Bank, Bank of India, Union Bank of India, UCO Bank, Central Bank of India, IDBI Bank, and Bank of Maharashtra. This indicates widespread concerns among multiple financial institutions regarding the alleged fraud.
Second Case Registered and Ongoing Legal Proceedings
In a further escalation, the CBI registered another case on February 25, 2026, against Reliance Communications Limited, Anil Ambani, and others, including unknown public servants. This case is based on a complaint dated February 24, 2026, received from Bank of Baroda, which also covers exposures from e-Dena Bank and e-Vijaya Bank. The dual cases underscore the seriousness of the allegations and the CBI's commitment to a thorough investigation.
The probe agency continues to gather evidence and question individuals linked to the Reliance ADA Group, as it seeks to unravel the complexities of this high-profile bank fraud case. The outcomes of these interrogations could have significant implications for corporate governance and financial regulations in India.
