Anil Ambani SBI case: CBI probes fraud case, conducts searches in Mumbai

Anil Ambani was earlier questioned in the matter. File Pic/PTI

The Central Bureau of Investigation (CBI) on thursday reportedly conducted searches in Mumbai in connection with the Anil Ambani-Reliance Telecom SBI fraud case, reported the IANS.

The CBI has registered a case against Reliance Telecom Ltd and its former directors, Satish Seth and Gautam B Doshi, in connection with an alleged bank fraud of Rs 114.98 crore involving the State Bank of India (SBI).

The case also names unknown public servants and others, based on a complaint filed by the SBI.

Officials said the agency has invoked charges of criminal conspiracy and cheating under the Indian Penal Code, along with provisions of the Prevention of Corruption Act, 1988, related to alleged misuse of official position, according to the IANS.

Loan from consortium of banks

According to investigators, SBI was part of a consortium of 11 banks that had sanctioned a total term loan of Rs 735 crore to Reliance Telecom. The complaint alleges that the accused caused financial losses to the bank through fraudulent actions linked to this loan, as per the IANS.

Searches conducted in Mumbai

Following the registration of the case, the CBI carried out searches at multiple locations in Mumbai. These included the residences of Seth and Doshi, as well as the company's registered office, the news agency reported.

Officials confirmed that documents related to loan transactions and financial dealings have been seized during the raids.

Probe underway

The agency is now examining banking records, internal approvals, and correspondence connected to the loan disbursal. Further action will depend on findings from the ongoing probe, with searches still continuing, reported the IANS.

Linked developments involving

According to the IANS, the case comes amid broader investigations into alleged financial irregularities involving companies linked to the Reliance Group.

Earlier this month, the CBI questioned Anil Ambani for several hours in a separate case related to an alleged Rs 2,929 crore fraud involving Reliance Communications.

Officials said that case involves alleged misuse of loan funds and violations of lending norms. Anil Ambani has been asked to join the investigation again, while other executives have also been examined, the news agency reported.

(with IANS inputs)