After ED, CBI raids premises linked to Anil Ambani in Rs 2,000 crore bank fraud case

Mumbai: Days after the Enforcement Directorate (ED) questioned businessman Anil Ambani in a money laundering case, the Central Bureau of Investigation (CBI) on Saturday raided premises linked to Reliance Communications (RCOM) and its Promoter Director.

The raids, conducted at multiple places in Mumbai, were in connection with an alleged fraud that caused a loss of over Rs 2,000 crore to the State Bank of India (SBI), according to sources.

The SBI classified RCOM and 66-year-old Ambani as “fraud” on June 13 in accordance with the Reserve Bank of India’s Master Directions on Fraud Risk Management and the Bank’s Board-approved Policy on Classification, Reporting & Management of Frauds. In its letter to RCom, SBI said it found deviation in the utilisation of loans, involving a complex web of fund movements across multiple group entities.

“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. (IANS)

Also Read: Anil Ambani Grilled by ED in Suspected ₹17,000 Crore Loan Fraud

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