CBI Raids
Anil Ambani CBI raid: The Central Bureau of Investigation (CBI) on Saturday morning raided the Mumbai residence of big businessman Anil Ambani in connection with the Rs 17,000 crore bank fraud case. Officials arrived at Ambani's residence in Seawind, Cuffe Parade, at around 7 am. According to sources, seven to eight officials arrived at the premises and have been conducting searches since then. Ambani and his family are present at the residence during the search.
This action of CBI has been taken as part of the investigation of the alleged bank fraud case, in which the agency is expanding its investigation into the companies associated with Reliance ADA Group.
Earlier on August 4, the Enforcement Directorate (ED) had expanded the scope of its investigation into the alleged Rs 17,000 crore loan fraud case involving Anil Ambani's companies. A few days after issuing summons to Anil Ambani, the agency issued summons to several of his top officials for questioning under the Prevention of Money Laundering Act (PMLA).
Those summoned include two of Ambani's closest aides, Amitabh Jhunjhunwala and Satish Seth. Both are senior figures in Ambani's business empire and are believed to have played a key role in financial operations. According to officials, at least six summons have been issued so far. These officials have previously come under the ED's radar during searches conducted at various premises.
It is being claimed that preliminary investigation has revealed that loans worth Rs 3,000 crore taken from Yes Bank (disbursed between 2017 and 2019) were wrongly diverted. According to the agency, Reliance Communications has also allegedly committed fraud of more than Rs 14,000 crore.
The agency has alleged an illegal transaction arrangement—in which Yes Bank promoters allegedly received payments from privately owned companies just before sanctioning the loan.
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