Industrialist Anil Ambani’s troubles have increased once again. The Central Bureau of Investigation (CBI) has registered a new FIR against him. This matter is related to a loan worth thousands of crores taken from Bank of Baroda. It is alleged that Reliance Communications and its associated companies caused a loss of approximately ₹2,220 crore to the bank between 2013 and 2017.
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According to CBI, this case was registered on the basis of the complaint of Bank of Baroda. After the FIR was registered, the agency searched Anil Ambani’s premises and the office of Reliance Communications. During the investigation, several documents related to the loan were seized. The investigating agency claims that the loan money was not used as per the prescribed terms, but was diverted through other companies and related parties.
The bank alleges that Reliance Communications and its subsidiary companies (Reliance Infratel Limited and Reliance Telecom Limited) together took loans of about ₹31,580 crore from different banks and financial institutions. Of this, ₹6,265 crore was used to repay loans from other banks, ₹5,501 crore was transferred to related parties, and ₹3,674 crore was invested in fixed deposits and mutual funds. It is alleged that these investments were soon encashed and the earnings were further transferred.
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The bank also says that the account was declared NPA on June 5, 2017 due to non-payment of loan installments. A subsequent forensic audit confirmed fund diversion and irregularities. However, the case remained stalled for some time as Anil Ambani sought relief from the Bombay High Court. After the court lifted the stay on February 23, swift action was taken on the bank’s complaint.
Meanwhile, Anil Ambani has also appeared before the Enforcement Directorate (ED). The ED is questioning him in a money laundering case related to an alleged bank fraud of more than ₹40,000 crore. According to officials, his statement was recorded under PMLA. Now, with the parallel investigation by CBI and ED, the legal challenges facing Reliance Communications and Anil Ambani seem to be increasing.