CBI conducts searches at Anil Ambani's home, offices in another bank fraud case
India Today
CBI officials conducted searches at Anil Ambani's premises after registering a fresh case on Bank of Baroda's complaint alleging Rs 2,220 crore loan diversion by Reliance Communications.
The Central Bureau of Investigation (CBI) on Thursday conducted searches at the residence and office premises of i industrialist Anil Ambani after registering a second case against Reliance Communications Ltd. in connection with an alleged Rs 2,220 crore bank fraud.
The case stemmed from a complaint filed by Bank of Baroda. The agency has booked Ambani, the promoter and erstwhile chairman of Reliance Communications, along with the company and others for alleged offences of criminal conspiracy, cheating, criminal misconduct and abuse of official position under the Prevention of Corruption Act.
According to the FIR, Bank of Baroda allegedly suffered losses of more than Rs 2,220 crore on loans extended to Reliance Communications. Officials suspected that the borrowed funds were diverted and misused through fictitious transactions involving related parties.
The central probe agency has further alleged that the company's books of accounts were manipulated to conceal irregularities. The loan account had already been classified as a non-performing asset in 2017.
The matter gathered pace after the Bombay High Court vacated an earlier stay on declaring the account as fraud. The stay had been granted following a petition by Ambani. Soon after the relief was lifted, Bank of Baroda lodged its complaint and the CBI moved to register the case.
Officials noted that the agency had earlier registered a separate case against Reliance Communications based on a complaint by State Bank of India, the lead lender of an 11-bank consortium. However, Bank of Baroda was not part of that consortium. The present FIR pertains to a different set of loans availed from Bank of Baroda, the then Vijaya Bank, and the then Dena Bank, both of which have since merged with Bank of Baroda.
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