The Central Bureau of Investigation (CBI) on Saturday raided premises linked to Reliance Communications (RCOM) and its Promoter Director, Anil Ambani, in connection with an alleged bank fraud that caused a loss of over Rs 2,000 crore to the State Bank of India (SBI), the NDTV reported.
The searches were carried out at six locations in Mumbai associated with the 66-year-old businessman and RCom. According to sources, investigators sought crucial documents and digital evidence to determine how bank funds were utilised and whether loans were diverted.
The CBI has also registered a case against RCom in the matter.
SBI Classified Anil Ambani and RCom as Fraud
On June 13, SBI classified both RCom and Anil Ambani as “fraud” and later submitted a report to the Reserve Bank of India (RBI) on June 24. Under RBI rules, once an account is marked as fraud, banks must report it within 21 days to the RBI and file a complaint with the CBI or police.
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In its communication to RCom, SBI said it found deviations in the use of loans, pointing to “a complex web of fund movements across multiple group entities.”
The bank stated: “We have taken cognizance of the responses to our Show Cause Notice and after due examination of the same, it is concluded that sufficient reasons have not been provided by the respondent, to explain the non-adherence to the agreed terms and conditions of the loan documents or the irregularities observed in the conduct of the account of RCL to the satisfaction of the bank.”
Parallel Investigations into Group Companies
Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha last month that SBI’s exposure in RCom included a fund-based principal outstanding of Rs 2,227.64 crore, along with accrued interest and expenses since August 26, 2016. In addition, a non-fund-based Bank Guarantee of Rs 786.52 crore was extended.
The latest searches come weeks after the Enforcement Directorate (ED) questioned Mr Ambani in a money laundering probe linked to multiple bank loan fraud cases involving his group companies. A preliminary investigation indicated that Rs 3,000 crore in loans from Yes Bank, disbursed between 2017 and 2019, were wrongfully diverted.
Officials have also alleged that Reliance Communications was involved in a similar fraud exceeding Rs 14,000 crore. The agency further claimed there was an illegal quid pro quo arrangement, under which promoters of Yes Bank allegedly received payments in privately held companies shortly before loans were sanctioned.
