CBI books Anil Ambani, RCom in bank fraud case, raids his residence

The CBI searched the Mumbai residence of Reliance Communication Ltd. (RCOM) Director Anil Ambani on Saturday after registering a case for allegedly defrauding the State Bank of India of Rs 2929.05 crore, officials said. Teams of CBI conducted the searches at two locations in Mumbai -- the official premises of Reliance Communication Ltd., and residential premises of Anil D Ambani, the agency said in a statement. The CBI registered an FIR on Thursday against Reliance Communication Ltd. (RCOM), Mumbai, its Director Anil D. Ambani, unknown public servants and unknown others on the basis of the complaint from the SBI, it said. The searches took place at Ambani's residence 'Sea Wind' at Cuffe Parade in Mumbai, sources said.

It is alleged that accused persons, in criminal conspiracy, misrepresented and got sanctioned credit facilities from SBI in favour of M/s Reliance communication Ltd. Further, the allegations pertain to misutilization / diversion of loan funds, potential routing of loan funds, inter-company loan transactions, misutilization of sales invoice financing, discounting of bills of RCOM by M/s Reliance Infratel Ltd., movement of funds through inter corporate deposits, write off of capital advances given to M/s Netizen Engineering Pvt. Ltd.- a group company of Reliance ADA Group, and creation/write off of fictitious debtors, etc. By the aforementioned acts the accused persons are alleged of committing offences of criminal conspiracy, cheating, criminal breach of trust.

CBI obtained Search Warrants from the Court of Spl. Judge, CBI, Mumbai on August 22. The SBI had classified the account and promoter Anil Ambani as 'fraud' on November 10, 2020 and filed a complaint with the CBI on January 5, 2021. However, the complaint was returned in view of the 'status quo' order dated January 6, 2021, by the Delhi High Court.

The credit exposure of SBI in RCom includes fund-based principal outstanding amount of Rs 2,227.64 crore, along with the accrued interest and expenses with effect from August 26, 2016, and a non-fund-based Bank Guarantee of Rs 786.52 crore. RCom is undergoing the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. The resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020. The NCLT approval is awaited.

Anil Ambani strongly denies all allegations and charges, and will duly defend himself, the spokesperson said, noting that SBI has already withdrawn proceedings against five other Non-Executive Directors and "Mr. Ambani has been selectively singled out".

(Crime Correspondent)