CBI Targets Reliance Communications in Major Bank Fraud Case
The Central Bureau of Investigation (CBI) has launched an investigation into Reliance Communications for an alleged bank fraud, resulting in a Rs 2,000 crore loss to the State Bank of India. Searches are being conducted at various premises linked to the company and its director, Anil Ambani.
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In a significant crackdown, the Central Bureau of Investigation has initiated a probe into Reliance Communications concerning an alleged bank fraud. This case involves a massive financial loss exceeding Rs 2,000 crore to the State Bank of India, officials have disclosed.
The agency is currently executing searches at multiple locations associated with Reliance Communications, specifically targeting its Promoter Director, Anil Ambani, for his involvement in the case. The investigation follows the classification of the entities as fraudulent earlier this year.
The alleged fraud, identified under the RBI's Master Directions on Fraud Risk Management, prompted the bank to report the case to the RBI and prepare to file a formal complaint with the CBI. Additional information is anticipated as the investigation unfolds.
(With inputs from agencies.)
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