CBI files fresh case against Anil Ambani, RCom over Rs 2.2k crore fraud

NEW DELHI: CBI on Thursday conducted searches at Anil Ambani’s residence and the registered offices of Reliance Communications in connection with an FIR it had registered against the industrialist earlier in the day following a complaint of bank fraud.

The allegations involve conspiracy, cheating and diversion of over Rs 2,200 crore through fictitious transactions and manipulated accounts.

The new FIR names Ambani, promoter and former chairman of RCom, alongside the company and other unidentified individuals. The agency has invoked sections of Indian Penal Code and Prevention of Corruption Act, citing criminal misconduct and abuse of official positions.

It is alleged that Bank of Baroda suffered a loss exceeding Rs 2,220 crore after credit facilities were siphoned off through shell entities and related-party transactions designed to mask the true financial health of the telecom company.

The procedural delay in the case was primarily due to a long-standing legal battle. Though the account was flagged as a non-performing asset nearly nine years ago, a petition filed by Ambani in the Bombay high court had effectively prevented lenders from tagging the account as “fraud”. With that stay finally vacated on Feb 23, the legal barriers to criminal prosecution were removed.

This probe, CBI said, remains separate from an ongoing SBI-led consortium case.

“CBI has already registered another case against RCom based on a complaint lodged by SBI, which is the lead bank of a consortium consisting of 11 banks. However, Bank of Baroda was not part of the said consortium, and this is a different loan availed by Reliance Communications from Bank of Baroda, the then Vijaya Bank, and the then Dena Bank,” a CBI spokesperson said.

Supreme Court had recently asked CBI to file separate FIRs into complaints of different banks against the Anil Ambani group.