Anil Ambani Denies Rs 2,000-Crore Bank Fraud Allegations After CBI Files FIR, Raids Premises

Industrialist Anil Ambani has denied all charges and allegations against him after the Central Bureau of Investigation (CBI) searched his Mumbai resident and conducted raids at his Reliance Communications' offices (RCom) following a Rs 2,929 crore-fraud complaint filed by the State Bank of India (SBI).

A spokesperson on behalf of Anil D. Ambani said in a statement, "The search at Anil D. Ambani’s residence concluded early this afternoon. The complaint filed by SBI pertains to matters dating back more than 10 years. At the relevant time, Mr. Ambani was a Non-Executive Director of the company, with no involvement in the day-to-day management."

Ambani noted that he has been 'singled out' in the SBI fraud case as the state-run lender has withdrawn proceedings against the other Non-Executive Directors. The statement read, "It is pertinent to note that SBI, by its own order, has already withdrawn proceedings against five other Non-Executive Directors. Despite this, Mr. Ambani has been selectively singled out."

Ambani has duly challenged SBI’s declaration before the competent judicial forum. The statement further added that Ambani ''strongly denies all allegations and charges, and will duly defend himself." Earlier today, the CBI filed and FIR against Ambani after registering a case against him for allegedly defrauding SBI of Rs 2,929.05 crore.

Ambani's statement read that currently, the matter relating to SBI remains sub judice and pending before the court of law. "At present, Reliance Communications is being managed under the supervision of a Committee of Creditors, led by SBI and overseen by a Resolution Professional. The matter remains sub judice, pending before the NCLT and other judicial forums, including the Hon’ble Supreme Court, for the past six years," it added.

Teams of CBI conducted the searches at two locations in Mumbai on Saturday -- the official premises of Reliance Communication Ltd., and residential premises of Anil D Ambani, the agency said in a statement.

The CBI registered an FIR on Thursday against RCom, Mumbai, its Director Anil D. Ambani, unknown public servants and unknown others on the basis of the complaint from the SBI. The searches took place at Anil Ambani's residence 'Sea Wind' at Cuffe Parade in Mumbai.

Ambani and RCom have been booked for allegedly committing offences of criminal conspiracy, cheating, criminal breach of trust, the CBI has said. "It is alleged that the accused persons, in criminal conspiracy, misrepresented and got sanctioned credit facilities from SBI in favour of Reliance Communication Ltd," a CBI Spokesperson said.

It was also alleged that there was misutilisation and diversion of loan funds, potential routing of loan funds, inter-company loan transactions, misutilisation of sales invoice financing, discounting of bills of RCom by Reliance Infratel Ltd., movement of funds through inter-company deposits among others.