The Central Bureau of Investigation (CBI) on Saturday conducted raids at six premises in Mumbai linked to Reliance Communications (RCom) and its Promoter Director, Anil Ambani, in connection with an alleged bank fraud case worth over Rs 2,000 crore. According to sources, the searches were aimed at collecting key documents and digital records to establish whether bank funds had been misused or loans diverted across group companies.
The case was registered following a report by the State Bank of India (SBI), which had classified RCom and Ambani as “fraud” in June. SBI submitted its findings to the Reserve Bank of India (RBI), citing major deviations in loan utilization and suspicious fund transfers across multiple group entities. The bank noted that explanations provided by the company failed to justify the irregularities and non-compliance with agreed loan conditions.
Minister of State for Finance Pankaj Chaudhary informed Parliament that SBI’s exposure to RCom includes a fund-based principal outstanding of Rs 2,227.64 crore since August 2016, in addition to accrued interest, expenses, and a non-fund-based bank guarantee of Rs 786.52 crore.
The CBI’s action comes weeks after the Enforcement Directorate (ED) questioned Anil Ambani in connection with a separate money laundering case involving multiple group companies. Investigations revealed that between 2017 and 2019, loans worth Rs 3,000 crore from Yes Bank were allegedly diverted, while another suspected fraud of over Rs 14,000 crore was linked to Reliance Communications. Officials allege that quid pro quo arrangements were made, with Yes Bank promoters receiving payments through privately held entities before sanctioning loans. The unfolding probe against Anil Ambani and RCom marks another major development in India’s ongoing crackdown on corporate banking fraud, raising questions about regulatory compliance and financial accountability in high-profile loan disbursals.
