Daijiworld Media Network - New Delhi

New Delhi, Aug 23: The Central Bureau of Investigation (CBI) on Saturday conducted raids at two locations in Mumbai, including the residence of industrialist Anil D. Ambani and the corporate offices of Reliance Communication Ltd. (RCOM), over an alleged Rs 2,929.05 crore bank fraud involving the State Bank of India (SBI).

The searches stem from an FIR registered by the CBI on August 21, 2025, following a complaint from SBI that accused RCOM, its director Anil Ambani, unnamed public officials, and others of criminal conspiracy and cheating.

According to the agency, RCOM allegedly misrepresented financial details to secure credit from the bank, which was then diverted through complex financial routes. These included inter-company loan deals, corporate deposits, and the misuse of sales invoice financing.

CBI officials said group entities, such as Reliance Infratel Ltd., were involved in bill discounting, and funds were channelled through associated companies. A key red flag was the write-off of capital advances given to Netizen Engineering Pvt. Ltd., another Reliance ADA Group firm.

Additionally, the probe found that fictitious debtors had been created to mask fund diversions, which were later written off to conceal irregularities.

The CBI registered offences under sections related to criminal conspiracy, cheating, and breach of trust. A special CBI court in Mumbai had approved search warrants on August 22, prompting the raids, which were ongoing as of Saturday evening.

The investigation comes shortly after Anil Ambani was interrogated for nine hours earlier this month by the Enforcement Directorate (ED) in a separate Rs 17,000-crore loan fraud case.

This case is being viewed as one of the largest bank frauds under scrutiny in the telecom sector, reflecting intensifying regulatory focus on corporate debt and financial conduct.