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🔹 CBI raids six Mumbai premises linked to Anil Ambani and Reliance Communications in a ₹2,000 crore SBI bank fraud case.
🔹 SBI had earlier declared RCom and Ambani as “fraud” and reported the matter to RBI.
🔹 The bank cited misuse of loans and complex fund transfers across group entities.
🔹 SBI’s exposure includes ₹2,227 crore in loans and ₹786 crore in guarantees.
🔹 The raids follow ED’s probe into alleged loan diversions of ₹3,000 crore from Yes Bank and a wider ₹14,000 crore fraud.
New Delhi, August 23(PMI): The Central Bureau of Investigation (CBI) on Saturday carried out searches at six locations in Mumbai linked to Reliance Communications (RCOM) and its Promoter Director Anil Ambani in connection with an alleged bank fraud that caused losses of over ₹2,000 crore to the State Bank of India (SBI), sources said.
The raids were aimed at collecting crucial documents and digital evidence to determine whether loans were diverted and bank funds misused. A case has already been registered against RCOM for causing losses to SBI.
The SBI had classified RCOM and Mr Ambani as “fraud” on June 13 and reported the matter to the Reserve Bank of India (RBI) on June 24, in line with RBI guidelines that mandate reporting to the regulator and investigative agencies within 21 days of detection.
In its letter to RCOM, SBI said it detected deviations in loan utilisation, involving a complex web of fund movements across multiple group entities. The bank noted that the company failed to provide sufficient justification for these irregularities despite a Show Cause Notice.
Minister of State for Finance Pankaj Chaudhary recently told the Lok Sabha that SBI’s exposure to RCOM includes a fund-based principal outstanding of ₹2,227.64 crore (with accrued interest since August 26, 2016) and a non-fund-based Bank Guarantee of ₹786.52 crore.
The searches also come weeks after the Enforcement Directorate (ED) questioned Mr Ambani in a money laundering probe related to multiple alleged bank loan frauds by his group companies. Investigators said a preliminary inquiry showed loans worth ₹3,000 crore from Yes Bank (disbursed between 2017–2019) were wrongfully diverted. Officials also alleged that RCOM was involved in a separate fraud of over ₹14,000 crore.
The agency suspects an illegal quid pro quo arrangement, where Yes Bank promoters allegedly received payments in private entities shortly before sanctioning loans to Anil Ambani’s companies.(pressmediaofindia.com)
