Anil Ambani's Reliance Communications Accused of Rs 14,000 Crore Bank Fraud, CBI Case Imminent

New Delhi (The Uttam Hindu): A big allegation has been leveled against Reliance Communications Limited and its promoter Anil Ambani. A case of loan fraud of more than Rs 14,000 crore has come to light against the company. This information was given by Union Minister of State for Finance Pankaj Chaudhary himself in the Parliament. He said that the State Bank of India has put Reliance Communications and Anil Ambani in the category of "fraud" under the guidelines of the Reserve Bank. SBI has informed RBI about this fraud and now preparations are underway to file a case in the CBI.

Reliance Communications is also accused of fraud of Rs 1,050 crore from Canara Bank. After such a big scam has come to light in the banking system, its investigation is now in the hands of other agencies. According to sources, investigation of Anil Ambani and his companies' hidden bank accounts and properties abroad has also begun. It is believed that more big revelations can be made in the coming days. Now that SBI has confirmed the fraud and a complaint is being filed in CBI, Anil Ambani's troubles may increase further in the coming time. Other agencies may also become active in this matter.

The ED on Thursday raided various locations linked to Anil Ambani. These raids were conducted in Delhi and Mumbai. Raids have been conducted at more than 35 premises, 50 companies and several locations of more than 25 people related to the Anil Ambani-led Reliance Group to investigate money laundering. According to sources, other agencies and institutions like National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), Bank of Baroda also shared information with the ED in this case. The preliminary investigation of the ED has revealed a well-planned and well-thought-out scheme of diverting/disposing of public money by defrauding banks, shareholders, investors and other public institutions. Also, the crime of bribing bank officials including the promoter of Yes Bank Limited is also under investigation.

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