CBI Conducts Raids at Anil Ambani's Residence in Major Bank Fraud Investigation
The Central Bureau of Investigation (CBI) on Thursday executed search operations at the residence of industrialist Anil Ambani and the registered offices of Reliance Communications (RCom). This action is directly linked to a fresh First Information Report (FIR) filed earlier in the day against Ambani, following a formal complaint alleging significant bank fraud.
Allegations of Conspiracy and Financial Diversion
The FIR, which names Anil Ambani as the promoter and former chairman of RCom, along with the company itself and other unidentified individuals, accuses them of conspiracy, cheating, and the diversion of over Rs 2,200 crore. The agency has invoked relevant sections of the Indian Penal Code and the Prevention of Corruption Act, citing criminal misconduct and abuse of official positions.
The core of the allegations revolves around fictitious transactions and manipulated accounts. It is claimed that Bank of Baroda suffered a staggering loss exceeding Rs 2,220 crore after credit facilities were systematically siphoned off. This was allegedly achieved through a network of shell entities and related-party transactions, meticulously designed to obscure the true, deteriorating financial health of the telecom giant.
Legal Hurdles and the Path to Prosecution
The case had been mired in procedural delays for nearly a decade, primarily due to protracted legal battles. Although the account in question was classified as a non-performing asset almost nine years ago, a petition filed by Anil Ambani in the Bombay High Court had effectively barred lenders from officially tagging the account as "fraud."
This legal impasse was finally broken on February 23, when the stay order was vacated. The removal of this judicial barrier cleared the way for criminal prosecution, enabling the CBI to move forward with its investigation and the subsequent raids.
A Separate Probe from Consortium Case
The CBI has clarified that this investigation is distinct from an ongoing case led by the State Bank of India (SBI) consortium. A CBI spokesperson provided detailed context, stating, "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."
This development follows a recent directive from the Supreme Court, which had asked the CBI to file separate FIRs into complaints lodged by different banks against the Anil Ambani group. The current action against Ambani and RCom represents a significant escalation in the legal and financial scrutiny facing the industrialist and his former telecom venture.
