The CBI has registered a fresh case against Anil Ambani and Reliance Communications over alleged cheating and misappropriation of ₹3,750 crore from Life Insurance Corporation of India.
The CBI has foisted another case against Reliance Communications (RCOM) Ltd and its erstwhile promoter and chairman, Anil Ambani, on charges of cheating and misappropriating ₹3,750 crore from the Life Insurance Corporation (LIC) of India, which had invested in the company’s bonds more than 16 years ago.
The LIC in its complaint to the CBI alleged that the Corporation was fraudulently induced to subscribe to Non Convertible Debentures (NCDs) worth ₹4,500 crore on the basis of false representations made by RCOM and its management regarding the company’s pitch over its financial health, security and asset cover at the time of subscribing NCDs, the CBI said in a statement on Wednesday.
The complaint was made on the basis of a forensic audit report dated October 15, 2020, conducted by M/s BDO India LLP. The report alleged that RCOM and its management misutilised funds raised from banks and financial institutions, routed funds through subsidiaries, misused sale invoice financing, and discounted fictitious bills. Besides that, the LIC’s complaint also accused Reliance and its accused officials of systematically siphoning funds through inter-company deposits and shell-related entities, creating and writing off fictitious debtors and receivables, and grossly overstating security.
There was a mismatch between the charges and the assets, the agency stated. Accordingly, the LIC accused Anil Ambani’s company of offences of conspiracy, cheating, misappropriation and offences under the Prevention of Corruption Act.
The LIC historically held a significant stake in RCOM, which reached over 7 per cent in 2009. But by 2017, RCOM was facing financial stress, and the LIC struggled to recover on bond investments. It’s now under the Corporate Insolvency Resolution Process (CIRP).
This is the fourth case the CBI registered against the Anil Ambani group of companies and others on allegations of defrauding a number of banks.
Published on April 1, 2026
