Major action in Bank of Baroda loan case; Anil Ambani in trouble due to dual action by ED and CBI

• New FIR of CBI against Anil Ambani
• 2,220 crore alleged misappropriation
• Reliance Communications raided over loan scam allegations

FIR against Anil Ambani: CBI has filed a fresh FIR against industrialist Anil Ambani. The case relates to a loan taken from the Bank of Baroda. The investigating agency alleged that RCom and its affiliates caused a loss of approximately Rs 2,220 crore to the bank between 2013 and 2017. According to the CBI, the case was filed following a complaint by the Bank of Baroda.

Soon after the FIR was filed, searches were conducted at Anil Ambani’s premises and at the office of Reliance Communications, in which all documents related to the loan from the bank were seized. The agency claims that the loan proceeds were diverted to other companies instead of being used as per the bank’s terms.

Also read: Stock Market Today: Which stocks will give profit in today’s market? List of top stocks given by experts, read in detail

The bank alleged that RCom and its partner companies, including Reliance Infratel Ltd and Reliance Telecom Ltd, together took loans of Rs 31,580 crore. This includes banks as well as financial institutions. Most shockingly, of this amount, 6,265 crore was used to repay loans from other banks, 5,501 crore was transferred to other related parties and approximately 3,000 crore was invested in fixed deposits and mutual funds. It is also alleged that these investments were returned early and the money was transferred further.

Also read: NMP 2.0 Infrastructure: Big announcement by Finance Minister Nirmala Sitharaman; 10 lakh crore target from NMP 2.0

The ED, a day before that, had seized Anil Ambani’s house in Abode. On Wednesday, the Enforcement Directorate seized Anil Ambani’s house in Abode in a major operation. The seizure was made after the order of the Bombay High Court. 3,716 crore is said to be the seized house at Abod. Moreover, Anil Ambani’s assets worth Rs 15,000 crore have been seized so far. Anil Ambani is suffering huge financial losses due to this twin crisis. Its shares are seen falling in the Indian stock market.