Mumbai: The Central Bureau of Investigation (CBI) has registered an FIR against Reliance Communications Ltd (RCOM), its director Anil D. Ambani, and others following a complaint by the State Bank of India (SBI) over an alleged loan fraud of ₹2,929.05 crore.

According to the FIR, RCOM engaged in inter-company loan transactions amounting to ₹2,219 crore, which were allegedly manipulated in the books of accounts to misappropriate sanctioned funds and breach the bank’s trust.

The criminal case was registered on August 21 under charges of criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct, as per the Indian Penal Code and the Prevention of Corruption Act. The complaint names RCOM, Anil Ambani, unknown public servants, and others for allegedly defrauding SBI and causing a wrongful loss of nearly ₹2,929 crore.

Reliance Communications, established in 2002, had availed multiple loan facilities from SBI over the years. In September 2012, SBI sanctioned a term loan of ₹1,500 crore for capital and operational expenditure, along with an additional short-term loan of ₹565 crore in August 2016.

However, a forensic audit conducted by BDO India LLP covering the period from April 2013 to March 2017 revealed several irregularities. The report claimed that the accused misrepresented facts to secure loans and later diverted funds in violation of the loan conditions.

The CBI stated that funds from RCOM were diverted internally to group companies such as Reliance Telecom Ltd (RTL) and Reliance Infratel Ltd (RITL). RCOM transferred ₹783.77 crore to RTL and ₹1,435.24 crore to RITL from bank loans, often routing money through associates and subsidiaries without clear justification.

Investigators suspect manipulation of accounts, diversion of loan funds, misutilization of sales invoice financing, inter-corporate deposits, write-offs of advances, and creation of fictitious debtors. On August 23, the CBI conducted searches at premises linked to RCOM and Anil Ambani.

A spokesperson for Anil Ambani denied the allegations, stating that the complaint relates to matters over a decade old when Ambani served only as a Non-Executive Director without involvement in daily management.

The spokesperson noted that SBI had already withdrawn proceedings against five other Non-Executive Directors but had selectively singled out Ambani. Reliance Communications is currently managed under the Committee of Creditors led by SBI and supervised by a Resolution Professional.

The matter remains sub judice before the NCLT, Supreme Court, and other judicial forums. Ambani has challenged SBI’s declaration and intends to defend himself against the charges.