The Central Bureau of Investigation has conducted searches on the premises of businessman Anil Ambani after registering a second case against him and Reliance Communications Limited for allegedly cheating the Bank of Baroda of ₹2,220 crore.
On Thursday, Mr. Ambani appeared before the Enforcement Directorate for recording his statement under the Prevention of Money Laundering Act in connection with another alleged bank loan fraud case.
Bank fraud-linked money-laundering case: RCOM’s Anil Ambani appears before ED
The CBI registered the fresh First Information Report on February 24 based on a complaint filed by the bank against RCom, its promoter and former chairman Mr. Ambani, and others. The loan funds were allegedly diverted through fictitious transactions with related parties. The books of accounts of RCom were manipulated and irregularities concealed, it was alleged.
According to the CBI, the loan account was declared a non-performing asset in 2017. However, following a petition filed by Mr. Ambani in the High Court of Bombay, there was a stay on the declaration of the accounts as fraud. It was vacated on February 23, after which the bank lodged the complaint with the agency.
