Fresh cases on Anil Ambani, RCom in Rs 2,220-cr BoB fraud case

The Central Bureau of Investigation (CBI) has registered a fresh case against industrialist Anil Ambani and Reliance Communications (RCom) for allegedly defrauding Bank of Baroda, causing a wrongful loss of over `2,220 crore during 2013–17.

The case follows a complaint filed by Bank of Baroda on February 24, after the Bombay High Court vacated a stay on declaring RCom’s account as fraud on February 23. The account had been classified as a non-performing asset (NPA) in June 2017 due to persistent defaults.

Following the FIR, the CBI conducted searches at Ambani’s residence and RCom’s registered offices, recovering documents related to loan transactions.

According to the FIR, loans availed by RCom were allegedly diverted and misutilised through fictitious transactions with related parties. The agency alleged manipulation of books of accounts, concealment of irregularities, diversion and layering of funds to camouflage actual fund flows.

The complaint states that RCom, Reliance Infratel Ltd (RITL) and Reliance Telecom Ltd (RTL) cumulatively raised `31,580 crore from banks and financial institutions. Of this, over `6,265 crore was used to repay other bank loans, `5,501 crore paid to related entities, and `3,674 crore invested in fixed deposits and mutual funds, later liquidated and routed to connected parties, violating loan conditions. It further alleged that `1,783.65 crore raised by RITL was routed through Reliance Communications Infrastructure Ltd to settle RCom liabilities.

The CBI clarified this case is separate from an earlier FIR based on a complaint by SBI-led consortium banks, as Bank of Baroda was not part of that consortium. Earlier on Thursday, Ambani also appeared before the Enforcement Directorate for questioning in a related money-laundering probe involving alleged bank fraud of over `40,000 crore. No immediate response was available from the company.