BankFraud – CBI Registers Fresh Case Against Anil Ambani Over ₹1,085 Crore Loan Fraud
BankFraud – India’s premier investigative agency, the Central Bureau of Investigation (CBI), has filed a new criminal case against industrialist Anil Ambani, Reliance Communications Limited (RCom), and a former company director in connection with an alleged bank fraud exceeding ₹1,085 crore. The case follows a complaint lodged by Punjab National Bank (PNB), which claims that the accused misled two public sector banks while obtaining large credit facilities.
Complaint Filed by Punjab National Bank
According to officials, the case was formally registered on March 5 after PNB submitted a detailed complaint accusing the borrowers of cheating the bank and the former United Bank of India between 2013 and 2017. Investigators believe the accused secured significant loan facilities under false pretenses and later diverted the funds for purposes not permitted under the loan agreements.
The complaint states that the total financial loss to the banks amounts to approximately ₹1,085.19 crore. This includes losses suffered by both lenders before the accounts were eventually declared problematic.
Breakdown of Losses to Public Sector Banks
The First Information Report indicates that Punjab National Bank alone faced losses of about ₹621.39 crore. Meanwhile, United Bank of India, which has since been merged with PNB, reportedly incurred losses of around ₹463.80 crore in the same transaction.
Investigators allege that the companies involved did not comply with the agreed credit conditions and financial discipline required for such loans. As a result, the borrowing accounts gradually deteriorated and were ultimately categorized as non-performing assets.
Loan Accounts Turned Non-Performing in 2017
Bank records show that the loan accounts were officially declared non-performing assets in 2017 after the borrower allegedly failed to honor the repayment terms and other financial obligations tied to the credit facilities.
Subsequently, an internal review and forensic audit were conducted to examine the flow of funds and determine whether the loans had been misused. The audit was carried out by BDO India LLP, which reportedly identified financial irregularities that raised serious concerns.
Following the findings of this forensic examination, bank officials in February 2021 categorized the accounts as fraudulent, prompting further investigation by federal authorities.
Enforcement Directorate Conducts Parallel Searches
The developments come alongside separate action by the Enforcement Directorate (ED), which is conducting a parallel probe into financial irregularities linked to companies associated with Anil Ambani.
On March 6, ED officials carried out search operations at multiple premises in Mumbai and Hyderabad. According to officials, around 10 to 12 locations connected to Reliance Power Limited and certain company executives were covered during the operation.
Nearly 15 teams of investigators were reportedly involved in the searches as part of an ongoing probe into suspected money laundering linked to alleged bank fraud and possible violations under the Foreign Exchange Management Act.
Company Response to Raid Reports
Reliance Power Limited issued a statement responding to media reports regarding the enforcement action. The company clarified that, to the best of its knowledge, no searches had been conducted at any of its offices or premises.
The statement emphasized that the company had not received any official communication indicating such action by the enforcement agency.
Earlier Questioning and Asset Attachment
As part of earlier investigations, Anil Ambani, who is currently 66 years old, has already been questioned twice by the Enforcement Directorate under provisions of the Prevention of Money Laundering Act.
In a previous step related to the case, the agency provisionally attached Ambani’s luxury residential property known as “Abode,” located in Mumbai’s Pali Hill area. Authorities valued the property at more than ₹3,716 crore.
According to the enforcement agency, the cumulative value of assets attached in connection with investigations involving companies of the Reliance Group linked to Anil Ambani has now reached approximately ₹15,700 crore.
The investigation by the CBI and the Enforcement Directorate is ongoing, and officials have indicated that further evidence and financial records are being examined as part of the case.