CBI Slaps New Case on Anil Ambani: Bank Fraud Allegations Emerge

The Central Bureau of Investigation (CBI) has registered a case against industrialist Anil Ambani and Reliance Communications for allegedly cheating the Bank of Baroda, causing over Rs 2,220 crore in losses. Accusations include misutilisation of funds and financial misrepresentation from 2013 to 2017.

The Central Bureau of Investigation (CBI) has registered a fresh case against industrialist Anil Ambani and Reliance Communications (RCOM) for allegedly defrauding the Bank of Baroda. Officials reported on Thursday that between 2013 and 2017, the bank suffered losses exceeding Rs 2,220 crore due to alleged financial manipulations.

According to the CBI, the case was prompted by a complaint from the Bank of Baroda, which accused Ambani and RCOM of diverting and misusing borrowed funds. These allegations were supported by gathered documents pointing to fictitious transactions and financial misrepresentation.

The bank's complaint, now included in an FIR, suggests a significant diversion of funds, manipulation of accounts, and the misappropriation of borrowed money, which the agency is actively investigating. The CBI noted that this case is distinct from a previous probe involving a consortium led by SBI.

(With inputs from agencies.)