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The Central Bureau of Investigation (CBI) has conducted searches at the residence of Anil Ambani, the Promoter and erstwhile Chairman of Reliance Communications (RCoM), and the registered offices of Reliance Communications Ltd.
This comes after the CBI registered a second case against Reliance Communications based on the complaint given by the Bank of Baroda dated February 24 for offences of conspiracy, cheating under IPC and criminal misconduct and abuse of official position under the Prevention of Corruption Act, against Anil Ambani. According to an official statement, the allegations in the FIR are that Bank of Baroda has suffered a loss of more than Rs 2,220 crores due to the loans availed by Reliance Communication, which were allegedly diverted and misutilised by creating fictitious transactions with related parties. The books of accounts of Reliance Communications Ltd. were manipulated and irregularities concealed, the probe agency said. The account was declared a Non-Performing Asset in 2017 itself. However, based on the petition filed by Anil Ambani before the High Court of Bombay, there was a stay on the declaration of the account by the High Court. The stay was vacated on February 23 2026, after which the Bank of Baroda lodged the complaint, as CBI took up the case immediately. It may be recalled that CBI has already registered another case against Reliance Communications based on a complaint lodged by the SBI, which is the lead bank of a consortium consisting of 11 banks. However, Bank of Baroda was not part of the said consortium, and this is a different loan availed by the Reliance Communication Ltd. from Bank of Baroda, the then Vijaya Bank and the then Dena Bank. Vijaya Bank and Dena Bank have now been merged with Bank of Baroda, the probe agency said. CBI has recovered Various documents connected with these loan transactions in the raids. (ANI)
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