CBI Raids Anil Ambani's Residence Amid Fraud Allegations Against RCOM

The Central Bureau of Investigation (CBI) conducted a search at Anil Ambani's residence and official premises of Reliance Communication Ltd in Mumbai, following allegations of defrauding the State Bank of India of Rs 2929.05 crore. The investigation includes claims of misrepresentation and misuse of credit facilities.

The Central Bureau of Investigation (CBI) intensified its probe into the alleged Rs 2929.05 crore fraud by Reliance Communication Ltd. (RCOM) by conducting raids on director Anil Ambani's residence and RCOM's official premises in Mumbai.

The CBI filed an FIR against Ambani and others, following State Bank of India's complaint of deceit through misuse and misrepresentation of credit facilities. Key allegations involve the diversion and misutilisation of loan funds and fraudulent financial activities.

The legal tussle sees RCOM grappling with the Corporate Insolvency Resolution Process, while Ambani faces a Personal Insolvency Resolution under the IBC, as financial mismanagement under scrutiny continues to loom over the entities.

(With inputs from agencies.)