CBI Raids Premises Linked To Anil Ambani In Rs 2,000 Crore Bank Fraud Case

The Central Bureau of Investigation (CBI) on Saturday carried out searches at multiple locations linked to Reliance Communications (RCOM) and its promoter director, Anil Ambani, in connection with an alleged ₹2,000-crore bank fraud case involving the State Bank of India (SBI).

According to sources, the raids were conducted at six premises in Mumbai to collect crucial documents and digital evidence. Investigators are probing whether loans sanctioned to RCom were diverted through a complex web of group entities.

The agency has also registered a case against RCom for allegedly causing losses exceeding ₹2,000 crore to SBI. On June 13, SBI had officially declared RCom and Mr Ambani as “fraudulent borrowers” and informed the Reserve Bank of India (RBI) about its findings on June 24.

In its report, SBI said it found significant deviations in loan utilisation, pointing to “irregularities in the conduct of the account” and failure by RCom to provide satisfactory explanations despite a show-cause notice.

Minister of State for Finance Pankaj Chaudhary told Parliament last month that SBI’s credit exposure to RCom includes a fund-based principal outstanding of ₹2,227.64 crore (as of August 26, 2016), along with accrued interest and expenses, and a non-fund-based bank guarantee of ₹786.52 crore.

The latest action comes weeks after the Enforcement Directorate (ED) questioned Mr Ambani in a money laundering probe linked to multiple bank loan fraud cases against group companies. Preliminary findings revealed that loans worth ₹3,000 crore, disbursed by Yes Bank between 2017 and 2019, were allegedly siphoned off.

Officials also noted that Reliance Communications is accused of being involved in a larger bank fraud, pegged at over ₹14,000 crore. The CBI has alleged a quid pro quo arrangement between Yes Bank promoters and RCom, where funds were routed to privately held concerns just before loan sanctions.