CBI Intensifies Probe into Reliance ADA Group Over Massive Bank Fraud Allegations
The Central Bureau of Investigation (CBI) has escalated its investigation into a high-profile bank fraud case, summoning and examining two former group managing directors of the Reliance ADA Group. This move is part of a broader probe into an alleged financial fraud amounting to Rs 2,929.05 crore, linked to Reliance Communications Ltd and its former chairman, Anil Ambani.
Examination of Key Executives in Multi-Crore Scam
According to official sources, the CBI conducted detailed questioning of Gautam Doshi and Sateesh Seth, both former managing directors of the Reliance ADA Group, at its headquarters in New Delhi on Saturday. This follows an earlier examination of another former group managing director, Amitabh Jhunjhunwala, who was questioned earlier in the week on March 18.
The agency's actions are based on a First Information Report (FIR) registered on August 21, 2025, following a complaint by the State Bank of India (SBI). The FIR alleges that Reliance Communications had outstanding dues exceeding Rs 40,000 crore to various lenders, with SBI alone facing an exposure of Rs 2,929 crore as per 2018 figures. The CBI spokesperson confirmed that the fraud amount under investigation is precisely Rs 2,929.05 crore.
Anil Ambani's Involvement and Legal Challenges
In a related development, the CBI recently questioned Anil D. Ambani for two days, naming him as an "accused" in the Reliance Communications case. Ambani's spokesperson issued a statement in 2025, asserting that the SBI complaint pertains to matters dating back over a decade. The statement clarified that Ambani was a non-executive director at the time with no involvement in day-to-day operations and emphasized that the matter is sub judice before the National Company Law Tribunal (NCLT) and other judicial forums, including the Supreme Court. Ambani has reportedly challenged SBI's declaration before competent legal authorities.
Separate Fraud Case Involving Reliance Commercial Finance
In a parallel investigation, the CBI examined Sanjay Dangi, an advisor at Authum Investment and Infrastructure Ltd, concerning an alleged fraud of more than Rs 57 crore involving Reliance Commercial Finance Ltd and the Bank of Maharashtra. Authum Investment and Infrastructure Ltd has taken over the assets of Reliance Commercial Finance Ltd and Reliance Home Finance Ltd, both of which are under scrutiny.
Officials have alleged that financial institutions and banks suffered cumulative losses exceeding Rs 9,000 crore in connection with Reliance Commercial Finance Ltd and Reliance Home Finance Ltd, highlighting the scale of financial irregularities within the group.
Broader Implications for Corporate Governance
This case underscores significant concerns regarding corporate governance and financial transparency in large conglomerates. The CBI's proactive measures reflect a tightening regulatory environment aimed at curbing white-collar crimes and protecting the interests of public sector banks and investors.
The investigations are ongoing, with the CBI expected to delve deeper into the roles of various executives and entities involved. As legal proceedings advance, this case could set precedents for how financial frauds are addressed in India's corporate sector, potentially leading to stricter enforcement and accountability measures.
