New Delhi’s corporate corridors are buzzing with shock as the Central Bureau of Investigation (CBI) launched a high-stakes operation targeting Anil Ambani, the once-mighty industrialist now grappling with financial storms. On Thursday, CBI sleuths descended upon Ambani’s residence and the offices of Reliance Communications (RCom), executing search operations that could unravel a massive loan scandal.
This aggressive move comes hot on the heels of Bank of Baroda’s formal complaint lodged on February 24. The bank accused RCom of orchestrating fraudulent transactions that siphoned off over Rs 2,220 crore, inflicting deep wounds on its balance sheet. The FIR invokes serious charges including criminal conspiracy, cheating, and violations under the Prevention of Corruption Act, painting a grim picture of alleged misuse of authority by RCom’s promoters, particularly Anil Ambani, the company’s former chairman.
Investigators allege that loans secured from Bank of Baroda, along with erstwhile Vijaya Bank and Dena Bank—now merged into BoB—were diverted through sham deals with related parties. Accounting jugglery concealed these irregularities, turning what should have been legitimate business into a web of deceit. The account was classified as a Non-Performing Asset (NPA) back in 2017, but Bombay High Court had temporarily stalled its ‘fraud’ tag following Ambani’s plea. That stay was lifted on February 23, prompting swift police action.
During the raids, CBI teams seized crucial documents linked to the loans, which could serve as smoking guns in the probe. This isn’t the first time RCom finds itself in CBI’s crosshairs; an earlier case stemmed from State Bank of India’s complaint involving a consortium of 11 banks. However, this BoB episode involves a separate facility, underscoring the scale of RCom’s borrowing woes.
As the investigation intensifies, questions swirl around governance lapses in India’s corporate debt ecosystem. Will this probe expose deeper systemic flaws, or is it a isolated saga of one fallen empire? Stakeholders await answers, while Anil Ambani’s legacy hangs in balance amid mounting legal battles.