Synopsis: CBI filed a case against Anil Ambani and Reliance Communications for allegedly defrauding SBI of Rs. 2,929 crore. Ambani denied charges; Reliance Power and Infrastructure said the action has no business impact.
On Saturday, the Central Bureau of Investigation (CBI) registered a case against industrialist Anil Ambani and carried out searches at his residence as well as at the premises of the now-insolvent Reliance Communications Limited (RCOM). The action is linked to an alleged bank fraud that, according to the agency, resulted in a loss of over Rs. 2,929 crore to the State Bank of India (SBI).
The CBI obtained the search warrants from a Mumbai court on Friday. In its official statement, the agency confirmed that it had registered a criminal case on 21st August against RCOM, Mumbai, its Director Anil D. Ambani, unidentified public servants, and others. The case is based on allegations of defrauding the SBI, resulting in a wrongful loss of Rs. 2,929.05 crore.
The CBI’s action comes just days after the Enforcement Directorate (ED) registered a case against Anil Ambani and questioned him in connection with an alleged Rs. 20,000 crore loan scam. At that time, the Anil Ambani Group had denied the allegations, asserting that it remained “committed to full legal compliance, transparency, and adherence to the regulatory process.”
The case is based on a complaint filed on 18th August by Jyoti Kumar, Deputy General Manager (DGM) of SBI’s Mumbai branch, as per the CBI. The complaint alleged that the fraud came to light following the submission of a forensic audit report on 15th October 2020, which pointed to irregularities involving the accused. Through a spokesperson, Anil Ambani stated on Saturday that he “strongly denies all allegations” and is prepared to contest any charges.
On Monday, shares of both Reliance Infrastructure Limited and Reliance Power Limited hit a 5 percent lower circuit, closing at Rs. 275.05 and Rs. 46.49 on the BSE, respectively.
However, regulatory disclosures clarified that the CBI’s action against Reliance Communications Limited and Anil D. Ambani has no impact on the business operations, financial performance, shareholders, employees, or stakeholders of either Reliance Power or Reliance Infrastructure.
The disclosures further highlighted that Ambani has not served on the boards of Reliance Infrastructure or Reliance Power for more than 3.5 years. Consequently, any action related to Reliance Communications bears no relevance or effect on the governance, management, or operations of the two companies.
Written by Shivani Singh
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