Anil Ambani bank fraud case.
The searches were carried out in Mumbai at locations connected to Reliance Communications and its Promoter Director, Anil Ambani.
According to sources, the Central Bureau of Investigation (CBI) conducted a raid on Reliance Communications (RCOM). Its Promoter Director, Anil Ambani, on Saturday, in relation to a suspected bank fraud that cost the State Bank of India (SBI) more than Rs 2,000 crore.
Six locations connected to RCom and the 66-year-old Mumbai businessman were searched. According to sources, the goal of today’s searches is to obtain important records. Digital proof that will show how bank funds were misappropriated and whether loans were redirected.
CBI raids Reliance Group offices.
According to sources, the agency has also filed a case against RCom for allegedly causing SBI to lose more than Rs 2,000 crore.
On June 13, the SBI labeled RCOM and Mr. Ambani as “fraud,” and on June 24. It submitted a report to the Reserve Bank of India (RBI).
The statement read, “We have taken cognizance of the responses to our Show Cause Notice. 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. The irregularities observed in the conduct of the account of RCL to the satisfaction of the bank.”
The ED Questioned Mr Ambani.
Last month, State Finance Minister Pankaj Chaudhary informed the Lok Sabha that SBI’s credit exposure in RCom consists of a non-fund-based bank guarantee of Rs 786.52 crore. As well as fund-based principal outstanding of Rs 2,227.64 crore plus accrued interest. Expenses since August 26, 2016.
Weeks after, the Enforcement Directorate (ED) questioned Mr. Ambani in a money laundering case involving alleged bank loan fraud cases against his group companies totaling crores of rupees. The searches were carried out.
According to a preliminary investigation, Yes Bank loans totaled Rs 3,000 crore. Spread out between 2017 and 2019, were improperly diverted.
According to officials, Reliance Communications also allegedly committed a similar fraud totaling more than Rs 14,000 crore.
