Friday, October 3, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

CBI raids Anil Ambani, RCOM in ₹2,929-crore fraud case following complaint from SBI

by Euro Times
August 23, 2025
in Business
Reading Time: 3 mins read
A A
0
Home Business
Share on FacebookShare on Twitter


File image of Anil Ambani, Chairman of the Reliance Anil Dhirubhai Ambani Group
| Picture Credit score:
PRASHANT WAYDANDE

The Central Bureau of Investigation (CBI) on Saturday performed searches on the Mumbai premises of Reliance Communications Ltd (RCOM) and its promoter director Anil Ambani, in reference to a recent case of alleged financial institution fraud amounting to ₹2,929 crore, involving the State Financial institution of India (SBI).

The raids comply with the registration of a First Data Report (FIR) by the CBI on August 21, primarily based on a grievance from SBI’s Mumbai department.

The financial institution has accused RCOM, Ambani, unidentified public servants, and others of dishonest, felony conspiracy, and felony breach of belief, inflicting substantial losses to the general public sector lender

Based on sources, the investigation centres round alleged misrepresentation by RCOM to safe credit score services from SBI, adopted by diversion and misuse of the sanctioned funds. The grievance highlights suspicious inter-company transactions, fictitious debtors, and a posh routing of funds throughout group entities of the Reliance ADA Group.

Particularly, the CBI is probing alleged misuse of gross sales bill financing, invoice discounting by RCOM’s subsidiary Reliance Infratel Ltd, and the write-off of capital advances made to Netizen Engineering Pvt Ltd — one other group entity. Motion of funds by inter-corporate deposits and manipulation of mortgage accounts are additionally below scrutiny.

ED investigates financial institution mortgage fraud instances in opposition to Anil Ambani

The Enforcement Directorate (ED) is individually investigating Ambani in a number of high-value financial institution mortgage fraud instances. On August 5, the ED recorded his assertion in reference to suspected monetary irregularities involving a number of thousand crores.

The State Financial institution of India had earlier categorized RCOM and Ambani’s account as “fraud” on June 13, and subsequently reported it to the Reserve Financial institution of India (RBI) on June 24, as mandated by regulatory pointers.

SBI’s whole publicity to RCOM contains ₹2,227.64 crore in fund-based services and ₹786.52 crore in non-fund-based ensures. The financial institution’s inside probe discovered “deviation within the utilisation of loans” and flagged “a posh internet of fund actions” amongst a number of Reliance group firms.

In its communication to RCOM, SBI famous that the corporate had did not satisfactorily clarify the irregularities or adhere to agreed mortgage phrases, resulting in the fraud classification.

With this newest motion, Anil Ambani, as soon as a number one determine in Indian telecom, now faces intensified scrutiny from each the CBI and ED, as investigative companies deepen their probe into alleged large-scale monetary misconduct throughout the Reliance ADA Group.

Printed on August 23, 2025



Source link

Tags: 2929croreambaniAnilCaseCBIcomplaintFraudraidsRCOMSBI
Previous Post

Coinbase Says Stablecoins May Quadruple To $1.2T By 2028

Next Post

Links 8/23/2025 | naked capitalism

Related Posts

GLD: Put Yield Curve Control On Your Bingo Card (NYSEARCA:GLD)

GLD: Put Yield Curve Control On Your Bingo Card (NYSEARCA:GLD)

by Vladimir Dimitrov
October 3, 2025
0

This text was written byObserveVladimir Dimitrov, CFA is a former technique advisor inside the subject of name and intangible belongings...

Viral complaint on hidden charges triggers crackdown on e-commerce platforms| Zee Business

Viral complaint on hidden charges triggers crackdown on e-commerce platforms| Zee Business

by zee business
October 3, 2025
0

Union Shopper Affairs Minister Pralhad Joshi on Friday despatched out a powerful message to e-commerce corporations to cease deceptive prospects...

India vs Pakistan Date, Time, Venue, Squads, Live Streaming Details And More

India vs Pakistan Date, Time, Venue, Squads, Live Streaming Details And More

by NDTV Profit Sports Desk
October 3, 2025
0

Following the precedent set by the Indian males's cricket group in the course of the Asia Cup in Dubai, Harmanpreet...

Pandit Chhannulal Mishra: The spiritual voice of Indian classical music goes silent

Pandit Chhannulal Mishra: The spiritual voice of Indian classical music goes silent

by Euro Times
October 3, 2025
0

Pandit Chhannulal Mishra, one of many greats of Hindustani classical music who melded people and ragas, tradition and devotion, and...

Upcoming LG India IPO nears valuation of South Korea parent

Upcoming LG India IPO nears valuation of South Korea parent

by Euro Times
October 3, 2025
0

Mumbai: LG Electronics India's market worth, as per the pricing of its upcoming preliminary public providing (IPO), is sort of...

Cyclical Outlook October 2025: Tariffs, Technology, And Transition

Cyclical Outlook October 2025: Tariffs, Technology, And Transition

by PIMCO
October 2, 2025
0

This text was written byComply withPIMCO is a worldwide chief in energetic fastened earnings. With our launch in 1971 in...

Next Post
Links 8/23/2025 | naked capitalism

Links 8/23/2025 | naked capitalism

Recession specials could be the latest sign of deteriorating consumer sentiment

Recession specials could be the latest sign of deteriorating consumer sentiment

The Trade Desk: Moving From Sell To Hold Amid Yellow Flags (Upgrade) (TTD)

The Trade Desk: Moving From Sell To Hold Amid Yellow Flags (Upgrade) (TTD)

October 3, 2025
Cops bust gang stealing from suitcases at top Brit hols airport after HUNDREDS of passengers have valuables pinched

Cops bust gang stealing from suitcases at top Brit hols airport after HUNDREDS of passengers have valuables pinched

October 3, 2025
OnePay is rolling out crypto to mobile banking app

OnePay is rolling out crypto to mobile banking app

October 3, 2025
GLD: Put Yield Curve Control On Your Bingo Card (NYSEARCA:GLD)

GLD: Put Yield Curve Control On Your Bingo Card (NYSEARCA:GLD)

October 3, 2025
Best Amazon Prime Day tablet deals 2025: My 13 favorite sales ahead of October

Best Amazon Prime Day tablet deals 2025: My 13 favorite sales ahead of October

October 3, 2025
Book Review: The Tax-Smart Donor: Optimize Your Lifetime Giving Plan

Book Review: The Tax-Smart Donor: Optimize Your Lifetime Giving Plan

October 3, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

The Trade Desk: Moving From Sell To Hold Amid Yellow Flags (Upgrade) (TTD)

Cops bust gang stealing from suitcases at top Brit hols airport after HUNDREDS of passengers have valuables pinched

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In