India’s federal police, the Central Bureau of Investigation (CBI), has registered a case against Anil Ambani-promoted Reliance Communications (RCom) in connection with an alleged bank fraud, officials said on Saturday.

The agency conducted searches at multiple locations linked to the company and its promoters in Mumbai earlier in the day. Investigators said the alleged fraud caused a loss of about ₹2,000 crore ($240 million) to State Bank of India (SBI).

On June 13, SBI classified RCom’s loan account as “fraudulent,” adding Anil Ambani’s name to its report under Reserve Bank of India (RBI) guidelines. The bank formally reported the case to the RBI on June 24 and initiated proceedings with the CBI, junior finance minister Pankaj Chaudhary informed parliament last month.

Under RBI norms, once an account is declared fraudulent, banks are required to report it to the regulator within 21 days and also lodge a complaint with the police or CBI.

Ambani, who has faced multiple investigations into his group companies, was questioned by the Enforcement Directorate (ED) in July in connection with a separate alleged loan fraud involving about ₹17,000 crore. That case includes ₹3,000 crore in loans from Yes Bank, which ED says were irregularly disbursed and possibly linked to kickbacks.

ED officials last month raided over 35 offices connected to Ambani’s group across Mumbai, covering about 50 companies tied to him.

On Saturday, CBI teams also reached Ambani’s ‘Sea Wind’ residence in Mumbai as part of their searches, sources said.