CBI Raids Six Premises Linked to Anil Ambani in ₹2,000 Crore Bank Fraud Case
CBI Raids Six Premises Linked to Anil Ambani in ₹2,000 Crore Bank Fraud Case
Six Mumbai locations tied to Reliance Communications and its promoter were searched as investigators probe alleged loan diversion and fraud flagged by SBI.
The Central Bureau of Investigation (CBI) on Saturday conducted raids at six premises linked to Reliance Communications (RCom) and its Promoter Director, Anil Ambani, in Mumbai. The searches are part of a probe into an alleged bank fraud that caused losses of over ₹2,000 crore to the State Bank of India (SBI).
The Raid and Allegations
According to sources, the raids were aimed at gathering crucial documents and digital evidence to establish how loans sanctioned to RCom were misused and whether funds were diverted through group entities. A case has been registered against the company after SBI declared RCom and Anil Ambani “fraud” on June 13 and notified the Reserve Bank of India (RBI) on June 24, in line with regulatory guidelines.
SBI’s internal review found multiple deviations in the utilisation of loans, involving complex fund movements across Reliance group entities. “Sufficient reasons have not been provided by the respondent to explain the non-adherence to loan terms or irregularities observed in the conduct of the account,” the bank said in its report.
Scale of Exposure
As per details shared in Parliament by Minister of State for Finance Pankaj Chaudhary, SBI’s exposure to RCom included a fund-based principal outstanding of ₹2,227.64 crore, along with accrued interest and expenses dating back to August 2016. In addition, the bank had a non-fund-based guarantee exposure of ₹786.52 crore.
Links to Other Cases
The CBI raids come just weeks after the Enforcement Directorate (ED) questioned Anil Ambani for nearly 10 hours in a money laundering investigation connected to multiple bank loan frauds estimated at over ₹17,000 crore. Officials said a preliminary probe revealed wrongful diversion of ₹3,000 crore in loans from Yes Bank between 2017 and 2019, with allegations of quid pro quo arrangements involving promoters and privately held firms.
In parallel, Reliance Communications has also been accused of a larger fraud exceeding ₹14,000 crore. The company is currently undergoing Corporate Insolvency Resolution under the Insolvency and Bankruptcy Code (IBC), with its resolution plan pending approval before the National Company Law Tribunal (NCLT) in Mumbai.
Next Steps
The personal insolvency process against Anil Ambani has also been initiated under the IBC. Meanwhile, investigators are scrutinising financial transactions and fund flows, as Ambani had reportedly sought 10 days to submit documents to the ED. Authorities remain unconvinced, citing possible use of shell companies to divert loans.
