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The Bombay High Court on 3 October refused to hear industrialist Anil Ambani’s petition against SBI. The petition challenged the State Bank of India (SBI) decision in which the accounts of Reliance Communications were declared fraud.
Anil Ambani had alleged in his petition that SBI did not give him a chance to hear a fair hearing before declaring his accounts a fraud. In fact, SBI accused Anil Ambani and his company of rigging funds of Rs 2,929 crore.
Following the bank’s complaint, the matter was assigned to the Central Bureau of Investigation (CBI). After this, the CBI also raided the assets related to Ambani. After the court’s decision, the decision to declare SBI accounts fraud will remain intact.
ED also engaged in investigation after CBI
Another case was registered against Reliance Group (RCom) chairman Anil Ambani in the loan fraud case with SBI. The Enforcement Directorate (ED) has filed the Enforcement Case Information Report (ECIR) based on the CBI complaint. It is like the FIR of the police for ECIR ED.
The CBI raided the office of Reliance Communication Limited in Mumbai and Anil Ambani’s house on Saturday (August 23). In the same case, the CBI had asked the ED to register a case.
4 questions related to SBI in 4 questions and answers:
Question 1: Why did CBI take action against Anil Ambani’s group?
answer: The case is related to a loan of about Rs 2,929 crore given by SBI to Reliance Group companies associated with Anil Ambani. The company did not repay this loan. It was considered a fraud, as 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’s case?
answer: Earlier, the CBI had registered an FIR in two cases. These cases are related to two different loans given by Yes Bank to Reliance Home Finance Limited and Reliance Commercial Finance Limited. In both cases, CBI took the name of former CEO Rana Kapoor of Yes Bank.
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 the matter.
Question 3: What has been revealed in the investigation so far?
answer: The ED had said in its report that it was a “thought and well-planned” plan, under which money was grabbed by giving incorrect information to banks, shareholders, investors and other public institutions. Many disturbances were caught in the investigation, such as:
- Loans to companies with weak or unnecessary verification.
- Many companies use the same director and address.
- The absence of necessary documents related to loan.
- Transfer money to fake companies.
- The process of giving new loans to repay the old loan (loan earrings).
Question 4: What else are there on Anil Ambani companies?
answer: A few days ago, State Bank of India declared Anil Ambani’s company Reliance Communications and Anil Ambani himself as “fraud”.
SBI says that RCom misused a 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. 12,692 crore rupees were transferred 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 case. Apart from this, the action of Personal Insolvency (Insolvency) against Anil Ambani is also going on in the National Company Law Tribunal (NCLT) Mumbai.
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Read this news related to Anil Ambani …
1. Anil Ambani’s lookout notice to Anil Ambani: will be questioned on August 5, not allowed to leave the country; Loan fraud case of 3 thousand crores
In late July, the Enforcement Directorate (ED) issued a lookout notice against Anil Dhirubhai Ambani Group (ADAG) Chairman Anil Ambani in a loan fraud case of ₹ 3000 crore. According to media reports, Anil Ambani is not allowed to leave India without the approval of the Investigating Officer. If he tries to travel abroad, he can be detained at the airport or port.
2. Anil Ambani arrives at ED’s office: ₹ 17,000 crore loan fraud case today; Lookout notice was issued on 1 August
Reliance Group Chairman and MD Anil Ambani was questioned by the Enforcement Directorate (ED) on 5 August. The Financial Investigation Agency issued summons on 1 August asking him to appear. They have reached the ED office of Delhi.
Anil will be questioned in many cases in a total of Rs 17,000 crore money laundering and loan fraud case. Earlier, interrogation was asked in the loan fraud case of Rs 3000 crore with Yes Bank.
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