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- Anil Ambani Appeals To Supreme Court Against Bombay High Court’s SBI Fraud Tag Order In ₹2,929 Crore Case
New Delhi51 minutes ago
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Reliance Group Chairman Anil Ambani has filed a petition in the Supreme Court against the Bombay High Court order in the ₹2,929.05 crore misappropriation case.
In fact, Anil Ambani had demanded in the Bombay High Court that SBI remove the ‘fraud’ tag from the accounts of Reliance Communications.
But the Bombay High Court rejected Anil’s appeal and upheld the decision of declaring the accounts as fraud.
Now Ambani has reached the Supreme Court against this decision. However, this petition has not been listed yet.
Anil Ambani had alleged that there was no fair trial.
Anil Ambani had alleged in his petition that SBI did not give him a fair hearing before declaring his accounts as fraud. Actually, SBI had accused Anil Ambani and his company of misappropriation of funds worth Rs 2,929 crore.
Following the bank’s complaint, the case was handed over to the Central Bureau of Investigation (CBI). After this, CBI also raided properties related to Ambani.
Complete matter related to SBI in 4 questions and answers:
Question 1: Why did CBI take action against Anil Ambani’s group?
answer: The case pertains to a loan of about Rs 2,929 crore given by SBI to Reliance Group companies linked to Anil Ambani. The company did not repay this loan. It was considered a fraud because the company did not use the loan money properly or did not follow the rules.
Question 2: What is the role of CBI in Anil Ambani case?
answer: Earlier, CBI had registered FIR in two cases. These cases relate to two separate loans given by Yes Bank to Reliance Home Finance Limited and Reliance Commercial Finance Limited. In both the cases, CBI had named former Yes Bank CEO Rana Kapoor.
After this, an official said that other agencies and institutions like National Housing Bank, SEBI, National Financial Reporting Authority and Bank of Baroda also shared information with ED. ED is also investigating this matter.
Question 3: What has come to light in the investigation so far?
answer: The ED had said in its report that this was a “well-thought-out and well-planned” plan, under which money was embezzled by giving false information to banks, shareholders, investors and other public institutions. The investigation found several irregularities, such as:
- Loans to weak or unverified companies.
- Use of same director and address in many companies.
- Absence of necessary documents related to the loan.
- Transferring money to fake companies.
- The process of giving new loans to repay old loans (loan evergreening).
Question 4: What other allegations are there against Anil Ambani’s companies?
answer: A few days ago, State Bank of India had declared Anil Ambani’s company Reliance Communications and Anil Ambani himself as “fraud”.
SBI says that RCom misused the loan of Rs 31,580 crore taken from the bank. Out of this, about Rs 13,667 crore was spent in repaying loans of other companies. Transferred Rs 12,692 crore to other companies of Reliance Group.
SBI also said that we are in the process of filing a complaint with the Central Bureau of Investigation (CBI) in this matter. Apart from this, personal insolvency proceedings against Anil Ambani are also going on in the National Company Law Tribunal (NCLT) Mumbai.
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