CBI Probes Anil Ambani and Reliance Communications in Massive Bank Fraud Case

The Central Bureau of Investigation has initiated an extensive investigation into Reliance Communications and its promoter director, Anil Ambani, following allegations of a bank fraud that reportedly cost the State Bank of India over Rs 2,000 crore. The CBI conducted searches at Ambani's residence alongside other premises linked to RCOM on Saturday.

This investigation was prompted by a complaint from the State Bank of India, which classified Reliance Communications as a fraud on June 13. This classification was made in line with RBI's guidelines on Fraud Risk Management. Minister of State for Finance, Pankaj Chaudhary, informed the Lok Sabha about the bank's actions to report the fraud to the Reserve Bank of India and the CBI.

SBI's credit exposure to RCom includes a principal outstanding amount of Rs 2,227.64 crore and a bank guarantee of Rs 786.52 crore. RCom is currently navigating the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, with proceedings awaiting approval from the National Company Law Tribunal. The investigation into the alleged fraud continues as the CBI reviews the evidence gathered.

(With inputs from agencies.)