Indian industrialist Anil Ambani underwent nearly eight hours of intense questioning by central investigators in New Delhi on Thursday regarding a major bank fraud case involving over 2,929 crore rupees. The Central Bureau of Investigation summoned the businessman to their headquarters to address allegations of financial irregularities connected to his telecom venture. This high-profile inquiry stems from a formal complaint lodged by the State Bank of India, which claims the company misappropriated borrowed funds. Investigators are looking into how loans intended for business operations were managed between 2013 and 2017.

The root of the investigation lies in a forensic audit report which suggests that Reliance Communications diverted significant sums of money through a series of complex transactions involving various group entities. This report has become a cornerstone of the case, pointing toward a systemic misuse of credit facilities provided by a consortium of lenders. While the current focus remains on the 2,929 crore rupee figure cited by the lead bank, the broader financial exposure across seventeen different public sector banks is estimated to be much higher. Officials spent the day scrutinizing documents and asking the industrialist to explain specific movements of capital during the period in question.

This is not the first time federal agents have moved against the company as offices in Mumbai and private residences were previously searched in August 2025 to gather evidence. During those raids, investigators seized several internal records and digital devices that are now being used to cross-verify the statements provided during the recent questioning sessions. The agency is trying to determine if there was a deliberate conspiracy to defraud the banking system or if the losses were merely the result of business failures. Other major financial institutions, including Punjab National Bank and Canara Bank, are also closely monitoring the outcome of these proceedings.

In addition to the main telecom-related case, authorities are simultaneously examining another separate matter involving Reliance Commercial Finance Limited. This second investigation concerns a smaller but significant amount of approximately 57 crore rupees, where similar allegations of fund diversion have been raised against company executives. The overlapping nature of these cases has placed the entire business group under intense regulatory pressure as more details of the internal audits go public. Each bank involved has reported its own findings of financial discrepancies, adding layers of complexity to the ongoing legal battle.

A spokesperson for the industrialist stated that they are fully cooperating with the authorities and remain committed to appearing for all scheduled hearings. Following the initial eight-hour session, the businessman has been asked to return for further rounds of questioning as the investigation enters a more technical phase. Legal experts suggest that the next few weeks will be crucial as the agency decides whether to file a formal chargesheet or expand the scope of the inquiry to other board members. For now, the focus remains on tracking the final destination of the diverted funds to see if they can be recovered for the state-owned banks.