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CBI raids Anil Ambani’s office and house, FIR registered in Rs 2,929 crore loan fraud
There is a stir in the business world. Reliance Communications (RCOM) and its chairman Anil Ambani are once again in the headlines. CBI has registered a case against RCOM and Anil Ambani in the Rs 2,929 crore loan fraud case related to SBI. Under this, raids were conducted at RCOM’s office and Anil Ambani’s house in Mumbai on Saturday, 23 August.
The State Bank of India had submitted a complaint to the CBI regarding this fraud, after which the action has been intensified. The matter is also being taken seriously at the government level. Union Minister of State for Finance Pankaj Chaudhary told the Lok Sabha that SBI has not only filed a complaint with the CBI, but has also started personal bankruptcy proceedings against Anil Ambani, which is currently pending in Mumbai NCLT.
It is worth noting that earlier, on July 23, ED had raided more than 35 locations related to Reliance Group. That investigation was related to the loan fraud of Rs 3,000 crore taken from Yes Bank.
Overall, Anil Ambani and his companies have been facing serious allegations of loan fraud and the strictness of the investigating agencies seems to be increasing continuously. Now it remains to be seen what new turn this case takes in the coming times.
CBI’s strictness on Anil Ambani Group: The whole truth of the loan scam
- Why did CBI take action?
From the industry point of view, the matter is very serious. State Bank of India had given a loan of about Rs 2,929 crore to Reliance Group companies, which was not returned on time. Even more important – the company is accused of not using the loan amount according to business rules and banking guidelines. In such a situation, it was impossible to ignore the possibility of fraud. CBI’s entry started from here.
- Role of CBI
CBI had earlier also registered FIR in two cases, which included loans given by Yes Bank to Reliance Home Finance Limited and Reliance Commercial Finance Limited. The name of Yes Bank’s former CEO Rana Kapoor also came up in these cases. Apart from this, big agencies like National Housing Bank, SEBI, Bank of Baroda and ED are coordinating in this investigation. At present, ED is also investigating this case closely.
- What has come out in the investigation so far?
According to the ED report, this was a well-organised and strategic scheme in which funds were manipulated by providing false information to banks, investors and other public institutions. The major irregularities were:
- Loans were given to companies without strong verification.
- The same director and address were used in many companies.
- There was a lack of necessary documentation.
- Money was transferred to fake companies.
- New loans were issued to repay old loans (loan evergreening).
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