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Banks (Finance)

CBI Files Case Against Anil Ambani and Conducts Searches Over Alleged Bank Fraud of Rs 2,929 Crore

Strategic Insights

— 1 min read

The Central Bureau of Investigation (CBI) has filed a case against industrialist Anil Ambani and conducted searches at his residence and the premises of Reliance Communications in connection with an alleged bank fraud that caused a loss of over Rs 2,929 crore to the State Bank of India (SBI). The CBI move comes days after the Enforcement Directorate (ED) registered a case against Anil Ambani and questioned him over an alleged "Rs 20,000 crore loan scam". Anil Ambani's spokesperson has denied all allegations and charges, stating that the industrialist has been "selectively singled out" and will duly defend himself.

Key Takeaways:

  • The CBI has registered a criminal case against M/s Reliance Communication Ltd (RCOM), its Director Anil D Ambani, unknown public servants, and unknown others on allegations of defrauding the bank and causing wrongful loss of Rs 2,929.05 crore.
  • The CBI's case stems from a complaint received from Jyoti Kumar, DGM of SBI's Mumbai branch, which alleged that the fraud perpetrated by the accused came to light in a forensic auditor's report on October 15, 2020.
  • The period covered in the report is from April 1, 2013 to March 31, 2017, during which the accused allegedly misappropriated funds by misrepresenting and getting sanctioned credit facilities from SBI.
  • The CBI's FIR has alleged that the accused committed the offence of misappropriation of funds and breach of trust with dishonest intention.
  • Anil Ambani's spokesperson has stated that the industrialist has been "selectively singled out" and has strongly denied all allegations and charges.

Statistics:

  • Rs 2,929 Crore: The alleged loss caused to the State Bank of India (SBI) due to the bank fraud.
  • Rs 20,000 Crore: The alleged loan scam against which Anil Ambani was questioned by the Enforcement Directorate (ED).
  • October 15, 2020: The date on which a forensic auditor submitted its report that revealed the alleged bank fraud.
  • April 1, 2013 to March 31, 2017: The period covered in the forensic auditor's report, during which the alleged fraud was committed.
  • 10 years: The time period in which the alleged bank fraud took place.

Sources:

  • CBI (Central Bureau of Investigation)
  • IE Online Media Services Pvt. Ltd.
  • Contify.com

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