Mumbai: After registering a case against industrialist Anil Ambani on Thursday, the CBI on Saturday discovered an alleged bank fraud at its cuff parade residence and the Reliance Communications campus, causing a loss of more than Rs 2,929 crore to SBI.Sources said that the company’s campaigner Ambani was at home with his wife Tina and his children, when a team of CBI officials from Delhi arrived in the early hours of Saturday. The discoveries ended around the afternoon.In its complaint by the CBI, SBI stated that the fraud came to light when a forensic auditor appointed by it submitted a report in October 2020, which covered the examination period between April 2013 and March 2017.An Ambani spokesperson denied the allegations and stated that the industrialist was “selectively single”. The CBI issued a press release, saying that the accused persons incorrectly presented in criminal conspiracy and got credit facilities sanctioned from SBI in favor of Reliance Communication Limited. Through these acts, the accused persons are accused of committing criminal conspiracy, cheating and criminal violation of trust, stated in the CBI press release. Ambani defended himself, his spokesperson said, it is a case more than 10 years old.SBI said in its complaint that the fraud took place in Mumbai. In a conspiracy with the accused individuals or the company, each other and unknown others, it has been said by misunderstanding and deception, it has been said. After dysbergsal, the accused misused money by entering transactions in violation of credits’ approval terms and conditions. Later, the loan replaced the NPA.The spokesperson said, “In the relevant time, Ambani was a non-executive director of the company, who had no participation in day-to-day management. It is advisable to note that SBI, by his own order, has already withdrawn the proceedings against five other non-executive directors. Despite this, Ambani has been selectively excluded.”In its statement, the CBI said that the loan related to the allegations belongs to the misleading/turn of the funds, the possible route of the loan fund, inter-company loan transactions, the misunderstanding of sales challan financing, the voice group of bills of Reliance Inferal Limited (RITL)), and the manufacture/writing of imaginary learses, etc.The SBI complaint stated that in 2023, during the process of identification of account fraud, show-causes were issued to the borrower and his promoters/directors to provide opportunities for a hearing. Based on the response presented by the directors/promoters of the company, the account was classified as fraud in June 2025. Explaining fraud, forensic audit referred to an example of preference shares.On April 1, 2013, Reliance Infratel Limited (RITL) books received Rs 1,347.7 crore from Reliance Telecom Limited (RTL). RTL issued preference shares of Rs 1,347.7 crore to RITL in satisfaction of the amount received on 31 March 2014. RITL sold these shares to another concerned company RCTNL on the same day for Rs 260 crore, causing a loss of Rs 1,087.7 ​​crore. RCTNL received Rs 260 crore from RTL through RCom and paid to RITL for the purchase of RTL preference shares.
