MUMBAI: Having registered a case against industrialist Anil Ambani on Thursday, CBI on Saturday carried out searches at his Cuffe Parade residence and Reliance Communications premises in connection with an alleged bank fraud that caused a loss of over Rs 2,929 crore to SBI.
Sources said Ambani, promoter of the company, along with his wife Tina and their children, were at home when a team of CBI officials from Delhi arrived early Saturday. The searches concluded around afternoon.
In its complaint to CBI, SBI had stated that the fraud came to light when a forensic auditor appointed by it submitted a report in Oct 2020, covering the examination period between April 2013 and March 2017.
A spokesperson for Ambani denied the allegations and said the industrialist was "selectively singled out".
CBI issued a press release stating that the accused persons, in criminal conspiracy , misrepresented and obtained sanctioned credit facilities from SBI in favour of Reliance Communication Ltd.
By these acts, the accused persons are accused of committing offences of criminal conspiracy, cheating and criminal breach of trust, the CBI press release said. Ambani will duly defend himself, his spokesperson said, adding it is an over 10-year-old matter.
The SBI in its complaint said the fraud took place in Mumbai. The accused persons or company, in conspiracy with each other and unknown others, obtained credit facilities from SBI by misrepresentation and deception, it stated. After disbursal, the accused misappropriated the funds by entering into transactions in violation of terms and conditions of sanction of credit facilities. Afterwards, the loans turned NPA.
The spokesperson said, "At the relevant time, Ambani was a non-executive director of the company, with no involvement in the day-to-day management. It is pertinent to note that SBI, by its own order, has already withdrawn proceedings against five other non-executive directors. Despite this, Ambani has been selectively singled out."
In its statement , CBI said that the allegations pertain to misutilisation/diversion of loan funds, potential routing of loan funds, inter-company loan transactions, misutilisation of sales invoice financing, discounting of bills of RCom by Reliance Infratel Ltd (RITL), movement of funds through inter-corporate deposits, write-off of capital advances given to Netizen Engineering Pvt Ltd (a group company of Reliance ADA Group), and creation/write-off of fictitious debtors, etc.
The SBI complaint stated that in 2023, during the process of fraud identification of the account, show-cause notices were issued to the borrower and its promoters/directors to provide an opportunity for a hearing. Based on the response submitted by directors/promoters of the company, the account was classified as fraud in June 2025. While explaining the fraud, the forensic audit mentioned an instance of preference shares.
On April 1, 2013, Rs 1,347.7 crore were receivable from Reliance Telecom Ltd (RTL) in the books of Reliance Infratel Ltd (RITL). RTL issued preference shares worth Rs 1,347.7 crore to RITL in satisfaction of the receivable amount on March 31, 2014. RITL sold these shares to another related company RCTNL on the same day for Rs 260 crore, thereby incurring a loss of Rs 1,087.7 crore. RCTNL received Rs 260 crore from RTL through RCom and paid the same to RITL for purchase of preference shares of RTL.
Sources said Ambani, promoter of the company, along with his wife Tina and their children, were at home when a team of CBI officials from Delhi arrived early Saturday. The searches concluded around afternoon.
In its complaint to CBI, SBI had stated that the fraud came to light when a forensic auditor appointed by it submitted a report in Oct 2020, covering the examination period between April 2013 and March 2017.
A spokesperson for Ambani denied the allegations and said the industrialist was "selectively singled out".
CBI issued a press release stating that the accused persons, in criminal conspiracy , misrepresented and obtained sanctioned credit facilities from SBI in favour of Reliance Communication Ltd.
By these acts, the accused persons are accused of committing offences of criminal conspiracy, cheating and criminal breach of trust, the CBI press release said. Ambani will duly defend himself, his spokesperson said, adding it is an over 10-year-old matter.
The SBI in its complaint said the fraud took place in Mumbai. The accused persons or company, in conspiracy with each other and unknown others, obtained credit facilities from SBI by misrepresentation and deception, it stated. After disbursal, the accused misappropriated the funds by entering into transactions in violation of terms and conditions of sanction of credit facilities. Afterwards, the loans turned NPA.
The spokesperson said, "At the relevant time, Ambani was a non-executive director of the company, with no involvement in the day-to-day management. It is pertinent to note that SBI, by its own order, has already withdrawn proceedings against five other non-executive directors. Despite this, Ambani has been selectively singled out."
In its statement , CBI said that the allegations pertain to misutilisation/diversion of loan funds, potential routing of loan funds, inter-company loan transactions, misutilisation of sales invoice financing, discounting of bills of RCom by Reliance Infratel Ltd (RITL), movement of funds through inter-corporate deposits, write-off of capital advances given to Netizen Engineering Pvt Ltd (a group company of Reliance ADA Group), and creation/write-off of fictitious debtors, etc.
The SBI complaint stated that in 2023, during the process of fraud identification of the account, show-cause notices were issued to the borrower and its promoters/directors to provide an opportunity for a hearing. Based on the response submitted by directors/promoters of the company, the account was classified as fraud in June 2025. While explaining the fraud, the forensic audit mentioned an instance of preference shares.
On April 1, 2013, Rs 1,347.7 crore were receivable from Reliance Telecom Ltd (RTL) in the books of Reliance Infratel Ltd (RITL). RTL issued preference shares worth Rs 1,347.7 crore to RITL in satisfaction of the receivable amount on March 31, 2014. RITL sold these shares to another related company RCTNL on the same day for Rs 260 crore, thereby incurring a loss of Rs 1,087.7 crore. RCTNL received Rs 260 crore from RTL through RCom and paid the same to RITL for purchase of preference shares of RTL.
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