New Delhi: The Central Bureau of Investigation (CBI) on Saturday conducted raids at multiple premises in Mumbai linked to Reliance Communications (RCOM) and its Promoter Director Anil Ambani, in connection with an alleged ₹2,000 crore bank fraud involving the State Bank of India (SBI), sources said.
The action follows SBI’s decision on June 13 to classify RCOM and Ambani as “fraud” under the RBI’s Master Directions on Fraud Risk Management. The bank, in its communication to RCOM, cited diversion of loans through a complex web of fund movements across group entities, along with non-adherence to loan terms.
“We have examined the responses to our Show Cause Notice and found them unsatisfactory. The irregularities observed in the conduct of the account remain unexplained,” SBI had stated in its letter.
According to Minister of State for Finance Pankaj Chaudhary, SBI’s exposure to RCOM includes a fund-based outstanding of ₹2,227.64 crore, along with accrued interest and expenses since August 2016, in addition to a non-fund-based Bank Guarantee of ₹786.52 crore.
As per RBI guidelines, once an account is classified as “fraud”, banks are required to report the case to the central bank within 21 days and also refer it to the CBI or police.
The raids come weeks after the Enforcement Directorate (ED) questioned the 66-year-old businessman in a separate money laundering probe linked to multiple loan fraud cases against his group companies. Investigations have revealed that ₹3,000 crore in loans from Yes Bank (2017–2019) were allegedly diverted, while RCOM is accused of a similar fraud exceeding ₹14,000 crore.
Officials allege that a quid pro quo arrangement existed, wherein promoters of Yes Bank received payments in privately-held firms shortly before loan sanctions.
rongfully 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.
