New Delhi: The Central Bureau of Investigation (CBI) has registered a case against Anil Ambani’s Reliance Communications (RCOM) and its executives for allegedly defrauding banks to the tune of ₹2,000 crore. The investigating agency also carried out searches at multiple premises linked to the company on Saturday.
According to officials, the action comes after the company and related entities were declared “fraud” on June 13 under the RBI’s fraud risk management guidelines and the concerned bank’s board policy. Minister of State for Finance Pankaj Chaudhary had informed the Lok Sabha about the development last month.
The case is linked to allegations that RCOM obtained credit facilities from a consortium of banks but defaulted on repayment, with forensic audits pointing to fund diversion and misrepresentation of financials.
The CBI is probing the role of senior executives and related entities in the fraud, while also coordinating with banks to track the money trail.
RCOM, once a telecom giant under Anil Ambani’s Reliance ADA Group, filed for bankruptcy in 2019 after mounting debts and intense competition in the sector. The fresh case adds to the company’s ongoing legal and financial troubles.
