New Delhi, August 23: The Central Bureau of Investigation (CBI) has registered a case against Reliance Communications (RCOM) and initiated searches at locations connected to both the company and its Promoter Director, Anil Ambani. The probe follows allegations of bank fraud that resulted in a reported loss exceeding ₹2,000 crore to the State Bank of India (SBI).
According to officials, the case was filed after the SBI classified the dealings of RCOM as fraudulent on June 13, in accordance with the RBI’s Master Directions on Fraud Risk Management and the bank’s Board-approved policy on fraud classification and reporting. In a written reply to the Lok Sabha, the Minister of State for Finance, Pankaj Chaudhary, confirmed that SBI formally flagged the corruption case to the RBI on June 24 and had filed a complaint with the CBI shortly thereafter.
The CBI’s ongoing search operation targets both residential and corporate premises linked to RCOM and Mr. Ambani, as investigators dive deeper into understanding the financial transactions that led to this massive loss in public funds.
Further details are expected to emerge as the investigation progresses.