New Delhi [India], August 23 (ANI): The Central Bureau of Investigation (CBI) concluded its search at the residence of industrialist Anil D. Ambani on Saturday afternoon in connection with an alleged loan fraud case.
A spokesperson for Ambani said the complaint filed by the State Bank of India (SBI) pertains to matters dating back more than 10 years, adding that the bank’s declaration has already been challenged before the competent judicial forum.
“Mr. Ambani strongly denies all allegations and charges and will duly defend himself,” the spokesperson said, noting that SBI has withdrawn proceedings against five other Non-Executive Directors and that Ambani has been “selectively singled out.”
The spokesperson emphasized that at the time in question, Ambani was a Non-Executive Director with no role in the day-to-day management of the company.
At present, Reliance Communications is under the supervision of a Committee of Creditors led by SBI and overseen by a Resolution Professional. The matter remains sub judice before the National Company Law Tribunal (NCLT), the Supreme Court, and other judicial forums for the past six years, the spokesperson added.
Earlier, the CBI stated it had registered a criminal case on the basis of a complaint from SBI, Mumbai, against Reliance Communication Ltd. (RCOM), its Director Anil D. Ambani, unknown public servants, and others. The allegations involve defrauding the bank and causing a wrongful loss of Rs 2,929.05 crore.
According to the CBI press note, the accused allegedly engaged in a criminal conspiracy to misrepresent and obtain sanctioned credit facilities from SBI in favor of RCOM. The case cites alleged misuse and diversion of loan funds, routing of money through inter-company transactions, misutilization of sales invoice financing, discounting of bills by Reliance Infratel Ltd., movement of funds through inter-corporate deposits, write-off of capital advances given to Netizen Engineering Pvt. Ltd. (a Reliance ADA Group company), and creation and write-off of fictitious debtors.
The allegations involve offenses of criminal conspiracy, cheating, and criminal breach of trust. On August 22, 2025, the CBI obtained search warrants from the Court of Special Judge, CBI, Mumbai. Searches were conducted on Saturday at two locations in Mumbai—the official premises of Reliance Communication Ltd. and the residential premises of Anil D. Ambani. (ANI)
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