INDIA
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Anil Ambani Denies Allegations After CBI Raids Over SBI Bank Fraud Case. CBI conducted searches at Anil Ambani’s residence in connection with alleged bank loan fraud. SBI filed a complaint claiming Reliance Communications, Telecom, and Infratel defrauded it of Rs 2,929 crore. Combined borrowings of the three companies reportedly total Rs 31,580 crore from multiple lenders. Allegations include fraudulent transactions, money diversion, and misrepresentation. Ambani’s spokesperson stated he was a Non-Executive Director at the time with no role in daily operations. SBI had withdrawn proceedings against five other Non-Executive Directors; Ambani claims he has been singled out. Reliance Communications is under a Committee of Creditors led by SBI and monitored by a Resolution Professional. The matter has been pending in NCLT and other judicial forums, including the Supreme Court, for six years. Ambani strongly denies all allegations and says he will defend himself legally.