In Shorts
- CBI registers fresh case against Anil Ambani and Reliance Communications
- Bank of Baroda alleges ₹2220 crore loan diversion between 2013 and 2017
- Searches conducted at residence and office premises, key documents seized
The Central Bureau of Investigation on Thursday conducted searches at the residence and office premises linked to industrialist Anil Ambani in connection with a newly registered bank fraud case. The investigation relates to allegations of large scale loan diversion involving telecom firm Reliance Communications.
According to officials, the case stems from a complaint filed by Bank of Baroda, which has accused the company of misusing loans sanctioned during the period between 2013 and 2017. The bank has alleged that borrowed funds were not utilised for their intended purpose and were instead diverted through questionable financial transactions, resulting in losses exceeding ₹2220 crore.
Following the registration of the FIR, investigative teams carried out searches at multiple locations associated with Ambani and the company. During the operation, officials reportedly recovered documents related to loan transactions that are now under examination as part of the ongoing probe.
The agency has also raised concerns regarding alleged manipulation of financial records to conceal irregularities and present a misleading picture of the company’s financial position. Investigators suspect that funds were routed through related entities using fictitious transactions to mask their actual use.
Officials confirmed that the loan account had earlier been classified as a non performing asset in 2017. Legal proceedings related to the account had delayed the fraud classification until recently, after which the complaint was formally lodged and the investigation initiated.
This latest development marks another major legal challenge for the Reliance Group chairman as agencies intensify scrutiny into alleged financial irregularities linked to corporate borrowing practices.
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