CBI registers fresh case against RCom, Anil Ambani on LIC complaint

The Central Bureau of Investigation (CBI) on Wednesday (April 1, 2026) registered a fresh case against Reliance Communications Limited (RCom), businessman Anil Ambani and others for allegedly causing a wrongful loss of ₹3,750 crore to Life Insurance Corporation (LIC) of India.

It is alleged that LIC was fraudulently induced to subscribe to Non Convertible Debentures (NCDs) worth ₹4,500 crore based on false representations by RCom and its management regarding financial health of the company, and security and asset cover offered to LIC while subscribing the NCDs.

LIC made the complaint on the findings of a forensic audit report dated October 15, 2020, by BDO India LLP. It reported that RCom and its management had allegedly resorted to misuse of funds raised from banks and financial institutions The accused routed funds through subsidiaries, misused sale invoice financing, discounted fictitious bills, and systematically siphoned off funds via inter-company deposits/shell-related entities.

They allegedly created and wrote off fictitious debtors and receivables and grossly overstated security. There was a “mismatch between the charges and the assets”.

The CBI had earlier registered three cases against RCom, Mr. Ambani, and others on charges of defrauding several banks. The investigating agencies have alleged that the company has an outstanding of more than ₹40,000 crore to different lenders.