ED Files New Case Against Anil Ambani, RCom in Alleged SBI Loan Fraud
Probe expands into alleged ₹2,929 crore fraud, Ambani, RCom directors, and others named in case
New Delhi, Sep 10: The Enforcement Directorate (ED) has registered a fresh money-laundering case against Reliance Communication Limited (RCom) and its chairman Anil Ambani in connection with an alleged ₹2,929 crore loan fraud involving the State Bank of India (SBI), officials said on Tuesday.
The case, filed under an Enforcement Case Information Report (ECIR), is based on a recent CBI FIR registered on August 21. Earlier, the CBI conducted searches at RCom’s Mumbai offices and at Ambani’s residence on August 23 as part of the investigation.
According to the SBI complaint, RCom had outstanding dues of over ₹40,000 crore to multiple lenders, with SBI alone incurring a loss of ₹2,929.05 crore as of 2018. The FIR names RCom-Mumbai, director Anil Ambani, unidentified public servants, and others.
ED officials said the scope of the investigation has been broadened to examine all financial irregularities linked to Anil Ambani group companies and possible interconnections with other fraud cases.
Ambani’s spokesperson, responding to earlier CBI action, said the SBI complaint pertained to matters over a decade old, when Ambani served as a non-executive director without day-to-day management responsibilities. The statement alleged that Ambani was being “selectively singled out” despite SBI already withdrawing cases against other non-executive directors.
This case is part of a larger ED probe into alleged loan diversions exceeding ₹17,000 crore by Ambani-led firms, including Reliance Infrastructure. The probe also covers alleged illegal diversion of around ₹3,000 crore in loans granted by Yes Bank between 2017 and 2019.
The ED has already questioned several current and former executives of Ambani’s companies. Sources said more people, including the 66-year-old businessman himself, may be called for further questioning.
