SBI Loss Spurs CBI Probe into Corporate Financial Irregularities
New Delhi
The Central Bureau of Investigation (CBI) has filed a case against Reliance Communications (RCOM) and its promoter director, Anil Ambani, for an alleged bank fraud that resulted in a loss exceeding ₹2,000 crore to the State Bank of India (SBI).
Officials confirmed on Saturday that the agency is conducting searches at Ambani’s residence as well as RCOM-linked premises in connection with the investigation. The case follows SBI’s earlier classification of the company’s loan account as “fraud” and the reporting of Anil Ambani’s name to the Reserve Bank of India (RBI).
The alleged irregularities reportedly involve the diversion of funds and misrepresentation of the company’s financial position, leading to significant losses for the bank. Sources indicate that the CBI is scrutinising financial records, loan documents, and corporate communications to establish the extent of the alleged wrongdoing.
This case marks yet another high-profile instance of the CBI’s crackdown on financial fraud involving corporate entities and their promoters. Authorities have emphasized that the investigation aims to hold responsible parties accountable and recover public funds wherever possible.
Experts suggest that this development could have far-reaching implications for the telecom and corporate sectors, highlighting the importance of transparency and regulatory compliance in large-scale financial operations.
While the probe is ongoing, Anil Ambani and RCOM have not issued any public statement regarding the case. Legal experts note that the outcome could set a precedent for similar corporate banking fraud investigations in India, reinforcing the government’s resolve to curb financial malpractice.