“I Am Being Targetted”: Anil Ambani On CBI Raid in Rs.2000 Crore SBI Bank Fraud Case

The Central Bureau of Investigation (CBI) on Saturday carried out searches in Mumbai at premises linked to telecom firm Reliance Communications Ltd (RCOM) and industrialist Anil Ambani as part of its probe into an alleged bank loan fraud case registered on a complaint filed by state-owned State Bank of India (SBI). Now Anil Ambani Reliance Group Chairman and Managing Director has  formally addressed the latest development.  "The search at Anil D. Ambani's residence concluded early saturday afternoon. The complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years. At the relevant time, Ambani was a Non-Executive Director of the company, with no involvement in the day-to-day management," the spokesperson said. "It is pertinent to note that SBI, by its own order, has already withdrawn proceedings against five other Non-Executive Directors. Despite this, Ambani has been selectively singled out," the spokesperson added.

At present, Reliance Communications is being managed under the supervision of a Committee of Creditors, led by SBI and overseen by a Resolution Professional. The matter remains sub judice, pending before the NCLT and other judicial forums, including the Supreme Court, for the past six years, the spokesperson said. "Ambani has duly challenged SBI's declaration before the competent judicial forum. Ambani strongly denies all allegations and charges, and will duly defend himself," the spokesperson added.

The Central Bureau of Investigation (CBI) had registered a criminal case against Reliance Communication Ltd. (RCOM), its Director Anil D. Ambani, unidentified public servants, and others following a complaint from the State Bank of India (SBI), Mumbai. The case pertains to an alleged bank fraud amounting to Rs 2,929.05 crore, according to a CBI press note. The FIR, registered on August 21, accused the parties of conspiring to defraud SBI by misrepresenting facts to secure credit facilities in favour of RCOM. Meanwhile last week the Legal counsel representing Anil Ambani had said that State Bank of India’s action against RCom chairman and managing director Anil Ambani does not follow principles of natural justice as laid down by the Supreme Court.

“SBI’s ex-parte action against Ambani is in violation of the principles laid down by the top court, according to the counsel. SBI must reconsider its actions in this matter, as it has already withdrawn show-cause notices issued against five other non-executive directors”, stated the counsel, highlighting that no personal hearing is allowed to the Anil Ambani. Canara Bank’s withdrawal of ‘fraud’ classification against RCom and Ambani. The development is fresh on the heels of Canara Bank’s withdrawal of ‘fraud’ classification against RCom and Ambani.