Question 341
What was the approximate monetary loss alleged by the State Bank of India (SBI) in its complaint against Anil Ambani and his company Reliance Communications Ltd, that triggered the Central Bureau of Investigation's (CBI) investigation in August 2025?
- AOption (a)
₹10,000 crore
- BOption (b)
₹1,900 crore
- COption (c)
₹1,000 crore
- DOption (d)
₹3,000 crore
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Correct answer
₹3,000 crore
Why this answer is correct
The correct answer is ₹3,000 crore.
Key Points
- The Central Bureau of Investigation (CBI) initiated a high-profile investigation in August 2025 following a formal complaint lodged by the State Bank of India (SBI).
- The complaint alleged a significant monetary loss to the tune of approximately ₹3,000 crore involving credit facilities extended to the telecom major. Hence, option 4 is correct.
- The primary entities named in the investigation are Anil Ambani and his flagship telecom firm, Reliance Communications Ltd (RCom).
- The probe was triggered after internal audits and forensic reports suggested potential irregularities in the utilization of funds sanctioned by the State Bank of India and other consortium members.
- The investigation focuses on alleged diversion of funds, criminal conspiracy, and cheating, which resulted in the account being classified as a non-performing asset and subsequently a fraudulent account.
Additional Information
- Reliance Communications (RCom):
- Once a dominant force in the Indian telecommunications industry, Reliance Communications faced a massive debt crisis due to intense competition and high spectrum costs.
- The company officially entered the Insolvency and Bankruptcy Code (IBC) process in 2019 to resolve its mounting liabilities, which exceeded ₹46,000 crore at that time.
- Role of the CBI in Bank Frauds:
- The Central Bureau of Investigation (CBI) is the premier investigating agency of India that handles cases of corruption and economic offenses of national and international importance.
- Its Banking Fraud Evolution Cell specifically targets high-value bank defaults and white-collar crimes that threaten the financial stability of Public Sector Banks (PSBs).
- State Bank of India (SBI):
- As the largest public sector bank in India, SBI often acts as the lead bank in large corporate loan consortiums.
- Under Reserve Bank of India (RBI) guidelines, banks are mandated to report accounts as fraud to the CBI if they find evidence of willful default or misappropriation of sanctioned loans.
- Legal Framework for Financial Crimes:
- Cases involving large-scale banking fraud are typically registered under Section 420 (Cheating) and Section 120-B (Criminal Conspiracy) of the Indian Penal Code (IPC), often alongside provisions of the Prevention of Corruption Act.
- The Enforcement Directorate (ED) may also join such probes to investigate money laundering aspects under the PMLA (Prevention of Money Laundering Act).
Important Points
- Timeline: The specific complaint and subsequent action by the CBI in this context were recorded in August 2025.
- Impact: Investigations into figures like Anil Ambani highlight the rigorous scrutiny of Non-Performing Assets (NPAs) in the Indian banking system, which have historically weighed down the economy.
- Numerical Value: The figure of ₹3,000 crore represents the approximate principal loss alleged by SBI in this specific instance of the investigation.