Indian industrialist Anil Ambani booked in bank fraud case

The Central Bureau of Investigation (CBI) has registered a case against industrialist Anil Ambani and his former telecom company, Reliance Communications, on charges of bank fraud amounting to ₹2,929 crore, reports NDTV.

The case, filed on Saturday (August 23), is based on a complaint by the State Bank of India (SBI), which alleges that Ambani and his company misappropriated loan funds and violated lending terms, causing significant financial loss to the bank.

Following the FIR, the CBI conducted searches at multiple locations linked to Reliance Communications as part of its investigation.

A spokesperson for Anil Ambani denied the allegations, stating that the matter dates back more than a decade and that Mr. Ambani was not involved in the company's day-to-day operations during the period in question.

The CBI has said a detailed probe is underway.