CBI raids Anil Ambani's residence in bank fraud case
What's the story
The Central Bureau of Investigation (CBI) has searched the office and residence of Reliance Group chairman Anil Ambani. The action was taken in connection with a case involving Reliance Communications Ltd (RCOM). The CBI said it registered a second case against RCOM based on a complaint from Bank of Baroda over cheating, criminal misconduct, and conspiracy.
Charges
Bank of Baroda suffered a loss of over ₹2,220 crore
The Bank of Baroda has alleged that it suffered a loss of over ₹2,220 crore due to a loan taken by RCOM. The bank claims that the funds were diverted and misused through fictitious transactions with related parties. It also alleged that the company's books of accounts were manipulated to hide these irregularities.
Ongoing probe
Current investigation separate from previous CBI case
The current investigation is separate from a previous CBI case against RCOM based on a complaint by the State Bank of India and a consortium of 11 banks. It specifically relates to another loan taken from Bank of Baroda, as well as former Vijaya Bank and Dena Bank (now merged with Bank of Baroda). After this case was registered, CBI officials recovered several documents related to these loans during their searches.
Ongoing cases
Anil Ambani questioned by ED in alleged bank fraud case
Separately, Anil Ambani also appeared before the Enforcement Directorate (ED) in New Delhi for a second round of questioning in an alleged bank fraud-linked money laundering case. The probe involves an alleged bank fraud worth over ₹40,000 crore by his group company, RCOM. Ambani and his several group companies are accused of loan frauds.