CBI raids Anil Ambani's premises in bank fraud case
What's the story
The Central Bureau of Investigation (CBI) has raided premises associated with Reliance Communications and its former promoter, Anil Ambani. The action is part of an investigation into an alleged large-scale bank fraud. An FIR has been registered in connection with the case. The raids come after the Enforcement Directorate (ED) questioned Ambani for nearly 10 hours on August 5 as part of a separate money laundering probe involving over ₹17,000 crore in bank loan frauds.
Loan investigation
Group companies defaulted on loans to banks
The ED's probe focuses on loans taken by Ambani's group companies, including Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), and RCom. These companies have defaulted on huge sums owed to a consortium of banks. RHFL owes over ₹5,901 crore; RCFL owes more than ₹8,226 crore; and RCom owes nearly ₹4,105 crore to around 20 public and private sector banks.
Fraud suspicions
ED probing loan irregularities and fund diversion
The ED suspects that there were irregularities in loans sanctioned by Yes Bank and believes funds may have been diverted through shell companies. Ambani has reportedly sought 10 days to submit documents related to the investigation, but investigators are not convinced. The CBI's latest action comes amid ongoing investigations into the alleged bank fraud case involving Anil Ambani and his companies.