**Anil Ambani Denies Allegations in ₹2,929 Crore SBI Fraud Case**
Anil Ambani has firmly rejected all allegations and charges against him in the ₹2,929 crore fraud case involving the State Bank of India (SBI), as reported by the Central Bureau of Investigation (CBI). The CBI initiated its investigation on Saturday, conducting searches at Ambani’s residence and the offices of Reliance Communications Ltd. following a complaint from SBI.
In a statement, a spokesperson for Ambani emphasized that he is contesting all claims related to the case and is prepared to defend himself vigorously. The spokesperson noted that Ambani had previously challenged SBI’s declarations in a competent judicial forum.
The allegations stem from events that occurred over a decade ago, during which Ambani was not actively managing Reliance Communications. At that time, he held the position of Non-Executive Director and had no involvement in the company’s daily operations. The spokesperson criticized SBI for targeting Ambani specifically, highlighting that the bank had withdrawn proceedings against five other Non-Executive Directors.
Currently, Reliance Communications is under the management of a Committee of Creditors, led by SBI and overseen by a Resolution Professional. The matter is still pending in the National Company Law Tribunal (NCLT) and other judicial forums, including the Supreme Court, where it has been for the past six years.
The CBI’s actions followed a complaint from SBI, which indicated that Reliance Communications had an outstanding debt exceeding ₹40,000 crore, with SBI alone facing a loss of ₹2,929.05 crore, based on 2018 figures. The agency has charged Ambani and Reliance Communications with criminal conspiracy, cheating, and criminal breach of trust.
As the investigation unfolds, Ambani’s legal team is expected to mount a robust defense against the allegations, which they argue are based on outdated claims from a time when he was not involved in the company’s operations.
**FAQ**
**What are the main allegations against Anil Ambani in the SBI fraud case?**
Anil Ambani is accused of defrauding the State Bank of India of ₹2,929 crore, with charges including criminal conspiracy, cheating, and criminal breach of trust, stemming from events over ten years ago when he was not actively managing Reliance Communications.
