The Central Bureau of Investigation (CBI) on Saturday carried out raids at six locations linked to Reliance Communications (RCom) and its Promoter Director, Anil Ambani, in Mumbai in connection with an alleged bank fraud case. The case pertains to loans from the State Bank of India (SBI), with the alleged diversion of funds causing losses of more than ?2,000 crore to the public sector lender, according to sources.

The searches are aimed at collecting documents and digital records to establish whether funds sanctioned to RCom were misused or siphoned off through a network of group entities. The CBI has formally registered a case against the company, even as SBI had earlier classified both RCom and Anil Ambani as “fraud” borrowers. On June 13, SBI declared the account fraudulent and subsequently reported the case to the Reserve Bank of India (RBI) as per regulatory norms.

SBI, in its communication to RCom, cited multiple irregularities and deviations from agreed loan terms. The bank said funds were routed through a complex chain of entities, and that the company had failed to provide a satisfactory explanation. As of August 26, 2016, SBI’s exposure included a principal fund-based outstanding of ?2,227.64 crore, besides accrued interest, expenses, and a non-fund-based guarantee of ?786.52 crore.

The latest development follows the Enforcement Directorate (ED) questioning Anil Ambani in a separate money laundering probe linked to bank loan frauds by group companies. Preliminary findings in that case revealed wrongful diversion of around ?3,000 crore in loans sanctioned by Yes Bank between 2017 and 2019. Officials have also pointed to a larger alleged fraud involving over ?14,000 crore. Investigators claim an illegal quid pro quo arrangement between Yes Bank promoters and privately held firms tied to beneficiaries.

The Central Bureau of Investigation (CBI) on Saturday carried out raids at six locations linked to Reliance Communications (RCom) and its Promoter Director, Anil Ambani, in Mumbai in connection with an alleged bank fraud case. The case pertains to loans from the State Bank of India (SBI), with the alleged diversion of funds causing losses of more than ?2,000 crore to the public sector lender, according to sources.

The searches are aimed at collecting documents and digital records to establish whether funds sanctioned to RCom were misused or siphoned off through a network of group entities. The CBI has formally registered a case against the company, even as SBI had earlier classified both RCom and Anil Ambani as “fraud” borrowers. On June 13, SBI declared the account fraudulent and subsequently reported the case to the Reserve Bank of India (RBI) as per regulatory norms.

SBI, in its communication to RCom, cited multiple irregularities and deviations from agreed loan terms. The bank said funds were routed through a complex chain of entities, and that the company had failed to provide a satisfactory explanation. As of August 26, 2016, SBI’s exposure included a principal fund-based outstanding of ?2,227.64 crore, besides accrued interest, expenses, and a non-fund-based guarantee of ?786.52 crore.

The latest development follows the Enforcement Directorate (ED) questioning Anil Ambani in a separate money laundering probe linked to bank loan frauds by group companies. Preliminary findings in that case revealed wrongful diversion of around ?3,000 crore in loans sanctioned by Yes Bank between 2017 and 2019. Officials have also pointed to a larger alleged fraud involving over ?14,000 crore. Investigators claim an illegal quid pro quo arrangement between Yes Bank promoters and privately held firms tied to beneficiaries.