"SBI's declaration challenged in judicial forum, Anil Ambani denies all allegations...": Industrialist's spokesperson following CBI searches in loan fraud case

New Delhi [India], August 23 (ANI): The search by CBI at residence of industralist Anil D Ambani's residence concluded early this afternoon, a spokesperson on behalf of industralist said on Saturday, noting that the complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years and the bank's declaration has been challenged before the competent judicial forum.
Anil Ambani strongly denies all allegations and charges, and will duly defend himself, the spokesperson said, noting that SBI has already withdrawn proceedings against five other Non-Executive Directors and "Mr. Ambani has been selectively singled out".
"The search at Mr Anil D. Ambani's residence concluded early this afternoon. The complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years. At the relevant time, Mr. Ambani was a Non-Executive Director of the company, with no involvement in the day-to-day management," the spokesperson said.
"It is pertinent to note that SBI, by its own order, has already withdrawn proceedings against five other Non-Executive Directors. Despite this, Mr. Ambani has been selectively singled out," the spokesperson added.
At present, Reliance Communications is being managed under the supervision of a Committee of Creditors, led by SBI and overseen by a Resolution Professional. The matter remains sub judice, pending before the NCLT and other judicial forums, including the Supreme Court, for the past six years, the spokesperson said.
"Mr Ambani has duly challenged SBI's declaration before the competent judicial forum. Mr. Ambani strongly denies all allegations and charges, and will duly defend himself," the spokesperson added.
Earlier, CBI in a press note, said that it has registered a criminal case on basis of a complaint received from State Bank of India, Mumbai, against Reliance Communication Ltd. (RCOM), Mumbai, its Director Anil D Ambani, unknown public servants and unknown others on the allegations of defrauding the bank, and thereby causing wrongful loss of Rs 2929.05 crore to the Bank.
The case was registered on August 21, the press note said.
"It is alleged that the accused persons, in criminal conspiracy, misrepresented and got sanctioned credit facilities from SBI in favour of Reliance Communication Ltd. The allegations pertain to misutilization/diversion of loan funds, potential routing of loan funds, inter-company loan transactions, misutilization of sales invoice financing, discounting of bills of RCOM by Reliance Infratel Ltd., movement of funds through inter corporate deposits, write off of capital advances given to Netizen Engineering Pvt. Ltd.- a group company of Reliance ADA Group, and creation/write off of fictitious debtors," the press note said.
"The accused persons are alleged of committing offences of criminal conspiracy, cheating, and criminal breach of trust. CBI obtained Search Warrants from the Court of Spl Judge, CBI, Mumbai on August 22, 2025 and is conducting searches on Saturday at two locations in Mumbai i.e. at the official premises of Reliance Communication Ltd., and residential premises of Anil D Ambani, it added. (ANI)