The CBI’s hammer fell hard on February 26, with searches at Anil Ambani’s home and RCom offices exposing cracks in a Rs 2,220 crore loan controversy with Bank of Baroda. This fresh FIR accuses the Reliance group of criminal collusion, fund diversion, and corruption in handling public money.
Allegations center on fake transactions that funneled loan proceeds to affiliates, masked by accounting sleight-of-hand. Anil Ambani, as ex-chairman, features prominently alongside company executives. The 2017 NPA declaration faced hurdles via Bombay High Court stay, lifted recently to greenlight CBI’s entry.
Raids yielded loan papers and digital trails, promising breakthroughs. Distinct from the SBI multi-bank probe, this case involves BoB’s solo exposure post-mergers with Vijaya and Dena. It highlights perils of consortium fractures in debt recovery.
RCom’s woes mirror broader NPA cleanups, where banks claw back losses through vigilance. Ambani’s pleas for leniency have waned against mounting proofs. Investors and reformers hope this catalyzes stricter lending norms.
In conclusion, this raid isn’t just about one loan—it’s a referendum on trust in India’s business elite. With investigations ramping up, expect disclosures that could alter trajectories for players involved and set precedents for future cases.