The CBI raided properties of Reliance Communications (RCom) owned by Director Anil Ambani in Mumbai on Saturday. Sources revealed the raids were linked to an alleged fraud case that caused a loss of Rs 2000 crore to the State Bank of India (SBI).
The agency carried out searches at six locations connected to RCom and Anil Ambani. Officials aimed to collect documents and digital evidence on how the fraud took place and whether the loan funds were diverted. A case was also registered against RCom for the loss of Rs 2000 crore to SBI.
In late June, SBI declared RCom and Anil Ambani as fraud and submitted a report to the Reserve Bank of India (RBI). As per RBI rules, once a bank classifies an account as fraud, it must report it within 21 days and notify the CBI or police.
SBI had also informed RCom that it found evidence of loan funds being diverted to several group entities.
The searches came after the Enforcement Directorate (ED) questioned Anil Ambani regarding money laundering worth crores of rupees. This was linked to multiple bank fraud cases involving his group companies. During investigation, it was revealed that Rs 3000 crore borrowed from Yes Bank between 2017 and 2019 was wrongfully diverted. A larger fraud of about Rs 14,000 crore was also alleged against Reliance Communications.
The CBI further claimed that a cash quid pro quo took place with Yes Bank promoters before the loans were sanctioned.
