Reliance Infrastructure Distances Itself from CBI Case on Reliance Communications, Anil Ambani
On August 24, 2025, Reliance Infrastructure Limited issued a statement clarifying that the recent Central Bureau of Investigation (CBI) case against Reliance Communications Limited (RCom) and its former promoter, Anil D. Ambani, has no impact on its operations, financial performance, or stakeholders. The CBI’s action, which involves allegations of a ₹2,929 crore bank fraud with the State Bank of India (SBI), has drawn significant attention, but Reliance Infrastructure has emphasized its independence from RCom. This blog explores the details of the CBI case, Reliance Infrastructure’s response, and the broader context of the situation.
The CBI Case Against Reliance Communications and Anil Ambani
On August 21, 2025, the CBI registered a case against RCom, Anil D. Ambani, and others, following a complaint from SBI alleging a wrongful loss of ₹2,929.05 crore. The accusations center on criminal conspiracy, misrepresentation of facts to secure credit facilities, and diversion of loan funds between April 2013 and March 2017. A forensic audit, submitted on October 15, 2020, flagged irregularities, including inter-company loan transactions, misuse of sales invoice financing, discounting of bills by Reliance Infratel Limited, and write-offs of capital advances to Netizen Engineering Private Limited, a Reliance ADA Group company. The account was classified as fraud by SBI on June 13, 2025, in line with the Reserve Bank of India’s (RBI) fraud risk management guidelines, and reported to the RBI on June 24, 2025.
On August 22, 2025, the CBI obtained search warrants from a Mumbai court and conducted raids at two locations: RCom’s official premises and Anil Ambani’s residence in Mumbai. The agency alleges that the accused misrepresented financials to secure loans, engaged in fraudulent transactions, and diverted funds across group companies. This action follows a prior fraud classification by SBI in November 2020, which was reversed in September 2023 due to a Supreme Court ruling requiring lenders to allow borrowers to represent their case before such classifications. The reclassification in 2025 followed due process under an updated RBI circular dated July 15, 2024.
Anil Ambani, through a spokesperson, denied all allegations, stating that he was a non-executive director at RCom during the relevant period, with no involvement in day-to-day management. He resigned from RCom’s board in 2019, and the matter has been sub judice for six years, pending before the National Company Law Tribunal (NCLT) and other judicial forums, including the Supreme Court. Ambani’s team highlighted that SBI withdrew proceedings against five other non-executive directors, suggesting he was “selectively singled out.” He has challenged SBI’s fraud declaration in court and vowed to defend himself.
Reliance Infrastructure’s Clarification
Reliance Infrastructure, one of India’s largest infrastructure companies, develops projects in power, roads, metro rail, and defense through special purpose vehicles (SPVs). On August 24, 2025, the company filed a statement with the National Stock Exchange (NSE), clarifying that it is a separate and independent listed entity with no business or financial linkage to RCom. The company emphasized that the CBI’s actions against RCom and Anil Ambani have no bearing on its governance, management, operations, financial performance, shareholders, employees, or other stakeholders.
The filing noted that the SBI complaint pertains to events over a decade old, during which Anil Ambani was a non-executive director at RCom, not involved in its daily operations. Reliance Infrastructure reiterated its focus on executing business plans and creating value for stakeholders, distancing itself from RCom’s insolvency proceedings, which are managed by a Committee of Creditors led by SBI and overseen by a Resolution Professional. The company’s statement aims to reassure investors and stakeholders that its operations remain unaffected by the legal developments surrounding RCom.
Context: RCom’s Insolvency and Broader Investigations
Reliance Communications, once a major telecom player, has been undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) since 2019. A resolution plan, approved by the Committee of Creditors, was filed with the NCLT in Mumbai on March 6, 2020, but awaits final approval. SBI’s exposure to RCom includes a fund-based principal outstanding of ₹2,227.64 crore, accrued interest and expenses since August 26, 2016, and a non-fund-based bank guarantee of ₹786.52 crore. Additionally, SBI has initiated a personal insolvency case against Anil Ambani, which is also under NCLT review.
The CBI case follows a separate Enforcement Directorate (ED) investigation into alleged money laundering involving RCom and other Reliance ADA Group companies. On August 5, 2025, the ED questioned Ambani for nearly 10 hours in a probe linked to a ₹3,000 crore loan fraud involving Yes Bank, suspecting fund diversions through shell companies. The ED’s investigation, based on two CBI FIRs and inputs from SEBI, the National Housing Bank, and others, also flagged procedural violations in loan approvals. Reliance Infrastructure and Reliance Power clarified in July 2025 that these ED actions, related to RCom and Reliance Home Finance, do not impact their operations, reinforcing their independence from RCom.
Implications for Reliance Infrastructure
Reliance Infrastructure’s swift response to the CBI case reflects its intent to protect investor confidence and maintain operational stability. The company’s stock market performance, already sensitive to news about Anil Ambani and Reliance Group, could face short-term volatility, as seen after similar ED raids in July 2025, when shares of Reliance Infrastructure and Reliance Power fell. However, both companies have consistently maintained that their financial and operational frameworks are insulated from RCom’s legal troubles.
The broader Reliance Group, led by Anil Ambani, has faced multiple challenges in recent years, including SEBI bans, insolvency proceedings, and fraud allegations. A SEBI order in August 2024 barred Ambani from the securities market for five years over fund diversions from Reliance Home Finance, a decision that underscores the group’s ongoing regulatory scrutiny. Despite these challenges, Reliance Infrastructure’s focus on infrastructure projects and its lack of direct ties to RCom’s telecom operations provide a buffer against the fallout.
Public and Market Sentiment
Posts on X and media reports reflect mixed sentiments. Some users expressed skepticism about the timing and motives behind the CBI’s actions, while others highlighted the recurring legal troubles facing Anil Ambani’s ventures. Reliance Infrastructure’s clarification aligns with similar statements from Reliance Power, which also distanced itself from the CBI case, emphasizing its operational independence. These statements aim to counter negative perceptions and reassure stakeholders amid ongoing media coverage.
Conclusion
Reliance Infrastructure’s clear stance on the CBI case against Reliance Communications and Anil Ambani underscores its commitment to maintaining business continuity and stakeholder trust. By emphasizing its independence from RCom and the decade-old nature of the allegations, the company seeks to shield itself from the legal and financial fallout of the ongoing investigations. As the CBI and ED probes continue, and with RCom’s insolvency case pending before the NCLT, the situation remains fluid. However, Reliance Infrastructure’s focus on its infrastructure projects and its assertion of no operational impact signal its intent to navigate this challenging period while prioritizing growth and stability.
