CBI Probes Rs 73,000 Crore Alleged Loan Fraud Linked to Reliance Anil Ambani Group

The Central Bureau of Investigation (CBI) is probing alleged bank loan frauds amounting to approximately Rs 73,000 crore in seven cases registered against the Reliance Anil Ambani Group (RAAG), according to a status report submitted to the Supreme Court.

The CBI informed the apex court that investigations are actively underway in all seven cases. The agency is also examining the role of certain public servants in connection with the alleged irregularities. After reviewing the status report filed by the CBI and the Enforcement Directorate (ED), the Supreme Court passed an order on March 23.

Referring to the CBI probe, the court observed that “the losses in the other cases also come to several thousand crores, totalling claims of approximately Rs 73,006 crore”. The Enforcement Directorate, which is conducting parallel financial investigations, told the court that it had seized documents related to a purported “Project Help“, suggesting that insolvency proceedings were allegedly initiated deliberately through unrelated lenders.

According to the ED’s report, funding for acquisitions under the Insolvency and Bankruptcy Code (IBC) was arranged through a group of eight non-banking financial companies (NBFCs). The court noted that claims totalling around Rs 2,983 crore were reportedly settled for Rs 26 crore, based on the material placed before it.

The ED further informed the bench that it has constituted a special investigation team (SIT) to probe the cases and is currently working on eight matters related to RAAG.

However, the ED also stated that it had “not received” certain information sought from other investigative agencies in connection with the probe.

The court directed all agencies and financial institutions to extend full cooperation to the ED and ensure that necessary information is provided on time.