Winning Bizness Desk
Mumbai.The Central Bureau of Investigation on March 19 questioned industrialist Anil Ambani in connection with an alleged Rs 2,929 crore loan fraud linked to Reliance Communications (RCom). Ambani appeared before officials at the agency’s headquarters in Delhi, where he was examined over financial transactions, loan utilisation and the role of the company’s management. The questioning is part of an ongoing probe triggered by a complaint from State Bank of India (SBI).
SBI flags massive loss in loan exposure
The case stems from a complaint filed by SBI, which reported significant losses due to alleged irregularities in loans extended to RCom. According to the agency:
- SBI alone suffered a loss of Rs 2,929.05 crore
- Total outstanding dues across banks exceeded Rs 40,000 crore
- The account was flagged for suspected diversion of funds
CBI registered a case in August last year under sections related to criminal conspiracy, cheating and criminal breach of trust. Investigators believe the loan funds may not have been used for their intended purposes.
CBI probes fund diversion and misuse trail
Officials are now focusing on tracking how the borrowed money was used and whether there was any deliberate diversion. The questioning of Ambani is aimed at understanding decision-making at the top level and identifying possible lapses in financial governance.
- Investigators are examining the fund trail
- Documents related to loan approvals and usage are under scrutiny
- Statements of key executives may be cross-verified
The agency is expected to match Ambani’s responses with documentary evidence already collected during the probe.
Ambani denies role in operational decisions
Ambani’s side has maintained that the allegations relate to transactions that are over a decade old. His representatives argue that during the period in question, he was only a non-executive director in RCom and not involved in daily operations or financial decisions.
They claim that operational control rested with the management team and that Ambani had no direct role in handling funds or executing business strategies linked to the loans.
Spokesperson assures full cooperation with probe
In an official statement, Ambani’s spokesperson confirmed his appearance before the CBI on March 19 and 20. The statement said the questioning is linked to the FIR registered on SBI’s complaint.
- Ambani is cooperating fully with investigators
- He will present his position before authorities
- The defence will be placed through legal channels
The spokesperson reiterated that Ambani remains committed to complying with all investigative processes.
What lies ahead in the investigation process
The CBI is expected to continue questioning on March 20, with a sharper focus on the movement of funds and accountability within the company. The agency will analyse statements, financial records and bank documents to establish the sequence of events.
Ambani has also challenged SBI’s decision to classify him as fraudulent in court. The outcome of the legal challenge and the findings of the investigation will be crucial in determining the next course of action in one of the significant banking fraud cases involving corporate lending.
