CBI raids premises of Anil Ambani in Rs.2000 crore Loan Fraud in SBI

The Central Bureau of Investigation (CBI) carried out raids on Saturday at properties linked to Reliance Communications (RCom) and its Promoter Director, Anil Ambani, over an alleged bank fraud. The case involves loans taken from the State Bank of India (SBI), which reportedly led to losses of more than ₹2,000 crore.

The raids were conducted at six locations in Mumbai connected to RCom and Anil Ambani. According to sources, the purpose of the searches was to collect important documents and digital records related to bank frauds.

Officials reached Ambani’s residence at Seawind, Cuffe Parade, around 7 am. According to sources, “seven to eight officials” arrived at the premises and have been carrying out the search since then. Ambani and his family are present at the residence while the searches are underway.

The CBI has now registered a formal case against RCom. Earlier, SBI had already classified both RCom and Anil Ambani as “fraud” on June 13 and reported the matter to the Reserve Bank of India (RBI) on June 24. RBI rules require that once a bank detects fraud, it must inform the RBI within 21 days and also refer the case to investigating agencies like the CBI or police.

In its letter to RCom, SBI said that the company failed to use loan funds properly. Instead, a complicated network of fund transfers was observed among multiple group entities. The bank stated that RCom’s explanations were not satisfactory, as the company did not justify the deviations or irregularities in how the loans were handled.

The CBI filed a fresh FIR against Anil Ambani, his business entities and others based on a complaint by State Bank of India (SBI) alleging fraud. The FIR has been lodged in Delhi.

In its complaint, SBI alleged a total fraud of Rs 3,073 crore by Anil Ambani’s Reliance Communications Limited (RCOM). The bank had earlier classified the account and promoters, including Anil D Ambani, as “fraud” on November 10, 2020, and filed a complaint with CBI on January 5, 2021. However, the complaint was returned due to a “status quo” order issued by the Delhi High Court on January 6, 2021.

Minister of State for Finance, Pankaj Chaudhary, told Parliament last month that SBI’s exposure to RCom included over ₹2,200 crore in loans, along with interest and other charges, plus an additional ₹786 crore in bank guarantees.

This case also comes soon after the Enforcement Directorate (ED) questioned Anil Ambani in another money laundering investigation related to bank loan fraud involving his group companies. Preliminary findings suggest that ₹3,000 crore in loans from Yes Bank, given between 2017 and 2019, were also diverted for other purposes.

Officials have further claimed that RCom was involved in a similar larger fraud of over ₹14,000 crore. Investigators allege there was an illegal quid pro quo arrangement, where Yes Bank promoters received payments in privately held companies just before approving loans to RCom.

On August 5, the Enforcement Directorate (ED) questioned Ambani for nearly 10 hours in connection with a money laundering investigation tied to multiple bank loan fraud cases worth several thousand crores involving his group companies.

Ambani, arrived at the ED headquarters in central Delhi at around 10:50 am and left just before 9 pm. His statement was recorded under the Prevention of Money Laundering Act (PMLA).

The ED issued the summons after conducting searches on July 24 at 35 premises linked to 50 companies and 25 individuals, including senior executives from Ambani’s business group, in Mumbai. A Look Out Circular (LOC) has also been issued against him as part of standard procedure in major bank fraud cases. Some executives from the Reliance Group have been called for questioning later that week.