CBI Raids Anil Ambani’s House in ₹17,000 Crore Bank Fraud Case

The Central Bureau of Investigation (CBI) on Saturday morning raided businessman Anil Ambani's Mumbai residence 'Seawind', Cuffe Parade. This action has been taken as part of the investigation into the Rs 17,000 crore bank fraud case. CBI officials reached Ambani's residence at around 7 am. According to sources, 7–8 officers are involved in the search operation. Anil Ambani and his family were present at home during the raid. This raid by CBI is part of the ongoing investigation against companies associated with Reliance ADA Group, in which the agency has recently expanded its scope.

Earlier, Anil Ambani had sought 10 days' time to submit documents to the investigating agencies, but the officials are not satisfied with the information given so far. ED suspects that there was a fraud in the loan received from Yes Bank and the money was sent to another place through shell companies. According to the information, these shell companies were just for namesake and had no real business. This raid by CBI is part of the detailed investigation going on against the companies associated with Reliance ADA Group.

Outstanding debt of billions

According to ED data, Reliance Home Finance Limited (RHFL) has a debt of more than ₹5,901 crore, Reliance Commercial Finance Limited (RCFL) has a debt of more than ₹8,226 crore and RCom has a debt of about ₹4,105 crore. This debt belongs to a group of about 20 public and private banks, including Yes Bank, State Bank of India (SBI), Axis Bank, ICICI Bank, HDFC Bank, Bank of India, UCO Bank and Punjab and Sind Bank.

CBI had registered FIRs

Both CBI and ED are investigating the alleged bank loan fraud of Rs 17,000 crore related to Anil Ambani's companies. CBI first registered two FIRs, after which ED started the raids. The case is from the financial year 2017 to 2019, when Yes Bank illegally transferred loans to Anil Ambani's companies. ED sources say that just before getting the loan, Yes Bank promoters received a huge amount of money in their business, which deepens the suspicion of bribery and collusion between the two parties. The investigation of this transaction and suspicious funding connection is currently underway.