CBI Raids Anil Ambani's Residence in Alleged Fraud Case
The CBI raided the Mumbai residence of Anil Ambani after filing a case against Reliance Communication Ltd. for allegedly defrauding the State Bank of India of Rs 2929.05 crore. The case involves accusations of criminal conspiracy, misrepresentation, and misuse of loan funds, leading to significant financial losses for the bank.
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- India
The Central Bureau of Investigation (CBI) conducted a raid on the Mumbai home of Reliance Communication Ltd. Director Anil Ambani on Saturday. The operation followed the registration of a case accusing Ambani and others of defrauding the State Bank of India of Rs 2929.05 crore.
CBI teams executed searches at two locations in Mumbai: the official premises of Reliance Communication Ltd. and the residence of Anil Ambani. The investigation stems from allegations of a criminal conspiracy to secure credit facilities from SBI, leading to significant financial damage for the bank.
Charges against Ambani and his associates include cheating, criminal breach of trust, and fraudulent financial practices. The case reflects longstanding legal battles over the alleged misuse of funds and financial misrepresentation in RCom transactions.
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