The Central Bureau of Investigation (CBI) carried out searches at the homes of industrialist Anil Ambani and the premises of Reliance Communications (RCom) following the filing of a second case against the company by the Bank of Baroda. The case, which includes allegations of conspiracy, cheating, and criminal misconduct, has been lodged against Anil Ambani, the former Chairman of Reliance Communications, and others as per the CBI’s statement.
The complaint alleges that Reliance Communications diverted loans, resulting in a loss exceeding Rs 2,220 crore for Bank of Baroda through fictitious transactions with related parties. It is claimed that the company’s financial records were manipulated to conceal irregularities. The CBI’s searches yielded various documents related to these loan transactions from Anil Ambani’s residence and Reliance Communications’ offices.
In a separate case, the CBI had previously registered a complaint against Reliance Communications based on a report from the State Bank of India (SBI). This recent case involves a loan taken by Reliance Communications from Bank of Baroda, Vijaya Bank, and Dena Bank, which have since merged with Bank of Baroda. Investigations into the matter are ongoing, as stated by the CBI.
