Anil Ambani Booked in ₹3,000 Crore SBI Loan Fraud Case: CBI Launches Investigation Amid Allegations of Massive Fund Diversion
India’s Central Bureau of Investigation (CBI) has officially registered a criminal case against industrialist Anil Ambani and Reliance Communications Ltd (RCom) following a complaint by the State Bank of India (SBI) alleging a staggering ₹2,929 crore (nearly ₹3,000 crore) fraud ReutersThe Times of IndiaThe Economic Times. According to SBI, the funds were misused through deceptive loan transactions that violated the terms of credit agreements ReutersThe Indian Express.
CBI teams conducted raids at multiple locations, including Ambani’s Mumbai residence in Cuffe Parade and RCom’s offices, as part of the ongoing investigation ReutersThe Times of India. This development follows separate actions by the Enforcement Directorate, which has already been probing allegations of money laundering and misappropriation involving Ambani-linked entities Reuters.
In response to the allegations, a spokesperson for Anil Ambani categorically denied all charges, calling the SBI action “selective” and stating that Ambani was unfairly singled out despite being a non-executive director with no role in day-to-day management at the time the transactions allegedly occurred The Indian Expresswww.ndtv.com.
Key Highlights:
- Alleged Fraud Amount: Nearly ₹3,000 crore defrauded from SBI via misrepresentation and unauthorized loan use.
- Entities Involved: Anil Ambani and Reliance Communications Ltd.
- Agencies Acting: CBI has initiated criminal proceedings, while ED continues a related investigation.
- Defense Claim: Ambani denies wrongdoing and asserts he lacks managerial involvement in the relevant period.
- Status: The case is under judicial scrutiny, combining financial crime allegations with ongoing insolvency proceedings involving RCom.
