CBI searched the Mumbai residence of Reliance Communication Ltd. (RCOM) Director Anil Ambani on Saturday after recently registering a case for allegedly defrauding the State Bank of India of Rs 2929.05 crore, officials said.
Teams of CBI conducted the searches at two locations in Mumbai on Saturday — the official premises of Reliance Communication Ltd., and residential premises of Anil D Ambani, the agency said in a statement.
The CBI registered an FIR on Thursday against Reliance Communication Ltd. (RCOM), Mumbai, its Director Anil D. Ambani, unknown public servants and unknown others on the basis of the complaint from the SBI, it said.
The searches took place at Ambani’s residence ‘Sea Wind’ at Cuffe Parade in Mumbai, sources said.
Ambani and RCom have been booked for allegedly committing offences of criminal conspiracy, cheating, criminal breach of trust, the CBI has said.
The case was filed on the allegations of defrauding the bank, and thereby causing wrongful loss of Rs 2929.05 crore to the bank, it said.
“It is alleged that the accused persons, in criminal conspiracy, misrepresented and got sanctioned credit facilities from SBI in favour of Reliance Communication Ltd,” the CBI Spokesperson said.
She said it was also alleged that there was misutilisation and diversion of loan funds, potential routing of loan funds, inter-company loan transactions, misutilisation of sales invoice financing, discounting of bills of RCOM by Reliance Infratel Ltd., movement of funds through inter-company deposits among others.