CBI Raids Premises Linked To Anil Ambani In Rs 2,000 Crore Bank Fraud Case: Sources

The Central Bureau of Investigation (CBI) on Saturday raided premises linked to Reliance Communications (RCOM) and its Promoter Director, Anil Ambani, in connection with an alleged bank fraud that caused a loss of over Rs 2,000 crore to the State Bank of India (SBI), sources said.

The searches were conducted at six locations linked to RCom and the 66-year-old businessman in Mumbai. Today's searches, sources said, are aimed at gathering crucial documents and digital evidence to establish how bank funds were misused and whether loans were diverted.

The agency has also registered a case against RCom for causing losses of over Rs 2,000 crore to SBI, sources said.

The SBI had classified RCOM and Mr Ambani as "fraud" on June 13 and sent a report to the Reserve Bank of India (RBI) on June 24.

As per RBI guidelines, after a bank classifies an account as "fraud", the lender should then report it to the RBI within 21 days of detection and also report the case to the CBI or police.

SBI, in the letter sent to RCom, said it found deviation in the utilisation of loans, involving a complex web of fund movements across multiple group entities.

"We have taken cognizance 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," it said.

Minister of State for Finance Pankaj Chaudhary told the Lok Sabha last month that the credit exposure of SBI in RCom includes, fund-based principal outstanding amount of Rs 2,227.64 crore, along with the accrued interest and expenses with effect from August 26, 2016 and a non-fund-based Bank Guarantee of Rs 786.52 crore.

The searches were conducted weeks after the Enforcement Directorate (ED) questioned Mr Ambani in a money laundering case linked to alleged multiple bank loan fraud cases worth crores of rupees against his group companies.

A preliminary investigation revealed that Rs 3,000 crore in loans from Yes Bank (dispersed between 2017 and 2019) were wrongfully diverted.

A similar fraud of over Rs 14,000 crore was allegedly committed by Reliance Communications too, officials have said.

The agency has alleged an illegal quid pro quo arrangement - wherein promoters of Yes Bank allegedly received payments in privately-held concerns just before sanctioning loans.