CBI Probes Billion-Dollar Frauds: A Reliance Scandal Unraveled

The Central Bureau of Investigation (CBI) is investigating bank loan frauds worth Rs 73,000 crore linked to the Reliance Anil Ambani Group, according to a Supreme Court document. The investigation, involving public servants and financial institutions, is being conducted by both CBI and the Enforcement Directorate (ED).

The Central Bureau of Investigation (CBI) is deep into probing bank loan frauds exceeding Rs 73,000 crore, entailing seven cases against the Reliance Anil Ambani Group, as per a Supreme Court status report. The apex court, after examining details from both CBI and the Enforcement Directorate (ED), ordered a robust investigation.

The ED's findings revealed a 'Project Help' where insolvency proceedings were allegedly initiated through unrelated lenders, and funding for acquisitions under the Insolvency and Bankruptcy Code was manipulated through eight NBFCs. The Supreme Court emphasized the necessity for senior investigators to collaborate and ensure transparency in the probe.

The court called for the full cooperation of all involved agencies and financial institutions to provide the required information promptly. A special investigation team is set by ED, working on eight related cases, with the Supreme Court setting April 30 as the date for the next hearing.

(With inputs from agencies.)