The Central Bureau of Investigation (CBI) conducted searches at the residence and office premises of industrialist Anil Ambani after registering a fresh case linked to an alleged bank fraud involving Reliance Communications Ltd. The action followed a complaint filed by Bank of Baroda, which accused the company of diverting loans amounting to approximately Rs 2,220 crore. The case marks a second investigation initiated by the agency against the telecom firm in connection with alleged financial irregularities.
According to the First Information Report (FIR), the CBI has named Anil Ambani, who served as the promoter and former chairman of Reliance Communications, along with the company and other individuals. The charges include criminal conspiracy, cheating, criminal misconduct, and abuse of official position under provisions of the Prevention of Corruption Act. Investigators allege that Bank of Baroda incurred losses exceeding Rs 2,220 crore on loans granted to the company and suspect that the borrowed funds were diverted through questionable transactions involving related entities.
The agency further claimed that the company’s financial records were manipulated to conceal irregularities associated with the loan utilisation. The loan account had already been classified as a non-performing asset in 2017, raising concerns about repayment and financial management practices. Investigators believe fictitious transactions may have been used to mask the diversion and misuse of funds.
The case gained momentum after the Bombay High Court lifted an earlier stay order that had prevented authorities from declaring the loan account as fraudulent. The stay had been granted following a petition filed by Ambani. Once the relief was vacated, Bank of Baroda proceeded to lodge its formal complaint, leading the CBI to register the new case and initiate investigative action.
Officials clarified that this investigation is separate from an earlier case registered by the CBI based on a complaint from State Bank of India, which had acted as the lead lender in an 11-bank consortium. Bank of Baroda was not part of that lending group. The current FIR instead relates to loans extended by Bank of Baroda and two banks that have since merged with it — Vijaya Bank and Dena Bank — making the case distinct from the earlier probe.
During the searches conducted after the registration of the case, the CBI reported recovering several documents and records connected to the loan transactions under scrutiny. As of now, there has been no immediate response from Reliance Communications regarding the allegations or the investigative action carried out by the agency.
