CBI Books Anil Ambani in ₹2,220-Crore Bank of Baroda Loan Case; Searches Conducted at RCom Premises
The Central Bureau of Investigation has initiated a new criminal investigation against industrialist Anil Ambani in relation to an alleged ₹2,220-crore loan irregularity involving Bank of Baroda.
Soon after filing the First Information Report (FIR), agency officials carried out search operations at Ambani’s residence as well as at the registered offices of Reliance Communications (RCom).
During the searches, investigators reportedly seized documents and records linked to the suspected diversion of borrowed funds.
Allegations of Fund Diversion and Financial Manipulation
The case, registered on February 24, stems from a complaint lodged by Bank of Baroda. The bank has accused Reliance Communications and certain senior officials of cheating, criminal conspiracy, and misappropriation of loan amounts.
In addition, the CBI has invoked sections of the Prevention of Corruption Act, citing alleged abuse of position and misconduct by those involved.
According to agency sources, the FIR states that Bank of Baroda incurred losses exceeding ₹2,220 crore after loans extended to RCom were allegedly rerouted through sham transactions involving related entities.
Investigators suspect that the company’s financial statements were tampered with to conceal discrepancies and mask irregular dealings.
Loan Account Declared NPA in 2017
The bank had categorized the loan account as a Non-Performing Asset (NPA) in 2017.
However, the classification of the account as fraudulent had been put on hold after Ambani approached the Bombay High Court, which granted a stay on such action.
That interim relief was lifted on February 23, following which Bank of Baroda formally filed its complaint. The CBI moved swiftly to register the case thereafter.
Second CBI Case Against RCom
This development marks the second criminal proceeding initiated by the CBI against the financially distressed telecom firm.
Previously, the agency had filed a separate FIR based on allegations raised by the State Bank of India (SBI), which was the lead institution in a consortium of 11 lenders.
Bank of Baroda was not part of that consortium, and the present matter relates to a distinct credit facility.
Efforts to obtain a response from representatives of Anil Ambani regarding the fresh case did not yield any comment at the time of reporting.
The investigation is expected to examine financial records, transaction trails, and internal communications to determine whether funds were misused and whether criminal liability can be established.
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