CBI registers ₹2,929-cr. loan fraud case against Reliance Communications and Anil Ambani:

The Central Bureau of Investigation (CBI) has filed a case against Reliance Communications (RCom), its former director Anil D. Ambani, and others over allegations of a ₹2,929.05-crore bank loan fraud. Based on a complaint lodged by the State Bank of India (SBI), Mumbai branch, the case involves charges of criminal conspiracy, misrepresentation of facts to secure credit facilities, and diversion of funds between April 2013 and March 2017. Acting on warrants issued by a special Mumbai court, CBI officials conducted searches at RCom’s corporate office and Mr. Ambani’s Mumbai residence. The fraud came to light following a forensic audit report submitted in October 2020, which revealed irregularities during the specified period.