CBI Registers Another Case Against Anil Ambani, Searches Home
NEW DELHI- The Central Bureau of Investigation (CBI) conducted searches at the residence of industrialist Anil Ambani and offices of Reliance Communications (RCom) after registering a second case against the company on a complaint filed by the Bank of Baroda on February 24 for alleged offences of criminal conspiracy and cheating under the IPC, and criminal misconduct and abuse of official position under the Prevention of Corruption Act.
The case has been filed against Anil Ambani, promoter and erstwhile Chairman of Reliance Communications, Reliance Communications Ltd., and others, according to a statement issued by the agency.
According to the FIR, Bank of Baroda suffered a loss of more than Rs 2,220 crore on loans availed by Reliance Communications, which were allegedly diverted and mis-utilized through fictitious transactions with related parties. The books of accounts of Reliance Communications Ltd. were allegedly manipulated and irregularities concealed.
Following the registration of the case, the CBI conducted searches at Ambani’s residence and the registered offices of Reliance Communications Ltd. Various documents related to the loan transactions were recovered, the statement said.
The loan account was declared a Non-Performing Asset in 2017. However, on a petition filed by Ambani, the Bombay High Court had stayed the declaration of the accounts as fraud. The stay was vacated on February 23, after which Bank of Baroda lodged the complaint and the CBI registered the case, the statement said.
The CBI has already registered another case against Reliance Communications based on a complaint by State Bank of India, the lead bank of a consortium of 11 banks. Bank of Baroda was not part of that consortium, and the present case pertains to a separate loan availed by Reliance Communications Ltd. from Bank of Baroda, the then Vijaya Bank and the then Dena Bank. Vijaya Bank and Dena Bank have since merged with Bank of Baroda, the statement added. (IANS)
