CBI Launches Raid on Anil Ambani in Bank Fraud Probe
The CBI searched Anil Ambani's Mumbai residence and Reliance Communication Ltd premises for alleged bank fraud involving Rs 2929.05 crore. The case, initiated on SBI's complaint, accuses Ambani and others of defrauding the bank, leading to financial mismanagement and loan misutilization.
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- India
The Central Bureau of Investigation (CBI) conducted searches at the Mumbai residence of Reliance Communication Ltd. (RCOM) Director Anil Ambani, following allegations of a bank fraud amounting to Rs 2929.05 crore against the State Bank of India (SBI), officials confirmed on Saturday.
CBI teams executed search operations at two locations, RCOM's official premises and Ambani's private residence 'Sea Wind' in Cuffe Parade, after registering an FIR based on a complaint from SBI. The FIR lists charges of criminal conspiracy, cheating, and breach of trust against Ambani and unnamed public servants and others.
The investigation focuses on the alleged misrepresentation, misutilization, and diversion of loan funds, along with other financial discrepancies, including fictitious transactions and written-off capital advances. The credit exposure of SBI in RCom also involves a substantial outstanding amount with a non-fund-based Bank Guarantee. RCom is in the midst of Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, while NCLT's approval on the resolution plan is pending.
(With inputs from agencies.)
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