CBI Examines Former Reliance ADA Group Executives in Rs 2,929 Crore Fraud Case

PTI, March 21, 2026, New Delhi : The CBI on Saturday questioned two former group managing directors of Reliance ADA Group in connection with an alleged bank fraud of Rs 2,929.05 crore involving Reliance Communications Ltd and Anil D Ambani, officials said.

The agency examined Gautam Doshi and Sateesh Seth at its headquarters, while another former group managing director, Amitabh Jhunjhunwala, had been questioned earlier on March 18.

In a separate investigation, Sanjay Dangi, an advisor at Authum Investment and Infrastructure Ltd, was questioned regarding an alleged fraud of over Rs 57 crore involving Reliance Commercial Finance Ltd and the Bank of Maharashtra. Authum Investment has taken over the assets of Reliance Commercial Finance Ltd and Reliance Home Finance Ltd, which remain under investigation.

Officials allege that financial institutions and banks suffered losses exceeding Rs 9,000 crore linked to Reliance Commercial Finance Ltd and Reliance Home Finance Ltd.

Anil D Ambani, described as an “accused” in the Reliance Communications case registered on a State Bank of India complaint, was recently questioned by the CBI for two days. According to the FIR, Reliance Communications had outstanding dues of over Rs 40,000 crore to multiple lenders, with SBI alone facing exposure of Rs 2,929 crore as per 2018 data.

A CBI spokesperson said the FIR was registered on August 21, 2025, following SBI’s complaint alleging a Rs 2,929.05 crore fraud.

Ambani’s spokesperson previously stated that the SBI complaint pertained to matters over a decade old. At the time, Ambani was a non-executive director with no involvement in daily operations. The matter is currently sub judice before the National Company Law Tribunal (NCLT) and other judicial forums, including the Supreme Court, and Ambani has challenged SBI’s declaration before the competent authorities.