CBI Raids Premises Linked To Anil Ambani, Reliance Communications In Bank Fraud Case

The CBI raids come as Kokilaben Ambani, the 91-year-old matriarch of the Ambani family, was admitted to Mumbai’s H N Reliance Foundation Hospital on Friday after a sudden health complication.

Raids are being conducted at multiple locations linked to the company and Ambani.

Source : PTI

The Central Bureau of Investigation (CBI) has launched searches at multiple locations connected to Reliance Communications (RCOM) and its chairman Anil Ambani in connection with an alleged bank fraud case, officials said on Saturday.

CBI Searches Locations Linked To Reliance Communications, Anil Ambani

The searches across several Mumbai locations were linked to an alleged scam that reportedly inflicted losses of more than Rs 2,000 crore on the State Bank of India (SBI), sources said, as per IANS. On June 13, SBI categorised Reliance Communications (RCOM) and its 66-year-old founder Anil Ambani as “fraudulent,” citing the Reserve Bank of India’s guidelines on fraud risk management along with its own board-approved policy for identifying and reporting such cases.

In its communication to RCOM, the bank pointed out irregularities in the use of loan proceeds, noting that funds had been routed through a complex network of group companies.

"We have taken cognisance 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," the bank said, as per the report.

Earlier in August, Anil Ambani was questioned for nearly nine hours at the Enforcement Directorate’s Delhi office in connection with an alleged Rs 17,000-crore loan fraud.

Kokilaben Ambani Hospitalised

Kokilaben Ambani, the 91-year-old matriarch of the Ambani family, was admitted to Mumbai’s H N Reliance Foundation Hospital on Friday after a sudden health complication. She was airlifted to the hospital late Thursday night, following which family members, including Mukesh and Anil Ambani, rushed to the facility.