The CBI on Saturday filed a criminal case against industrialist Anil Ambani and conducted searches at his Mumbai residence and Reliance Communications (R-Com) premises in connection with an alleged bank fraud that caused a loss of over ₹2,929 crore to the SBI.

The development came two weeks after the Enforcement Directorate (ED) questioned the 66-year-old industrialist in a money-laundering case linked to the alleged multiple bank loan fraud cases worth over ₹17,000 crore.

Sources in the CBI said the agency had obtained search warrants against Ambani from a Mumbai court on Friday. “Eight agency officials reached Ambani’s residence at Seawind, Cuffe Parade, around 7am and carried out search operations. Ambani, his wife Tina and their children were present when the team arrived,” said a CBI official.

Last month, junior finance minister Pankaj Chaudhary had told Parliament that the SBI had classified R-Com and promoter-director Anil Ambani as “fraud” in accordance with RBI guidelines and was in the process of lodging a CBI complaint.

“The CBI registered a criminal case based on a complaint received from State Bank of India, Mumbai, against M/s R-Com, its director Anil D. Ambani, unknown public servants and unknown others on the allegations of defrauding the bank, and thereby causing wrongful loss of ₹2,929.05 crore to the SBI,” the CBI official said.

It has been alleged that the accused persons, in criminal conspiracy, misrepresented and got sanctioned credit facilities from the SBI in favour of R-Com.

“Further, the allegations pertain to misutilisation/diversion of loan funds, potential routing of loan funds, inter-company loan transactions, misutilisation of sales invoice financing, discounting of bills of R-Com by M/s Reliance Infratel Ltd, movement of funds through inter corporate deposits, write off of capital advances given to M/s Netizen Engineering Pvt Ltd — a group company of Reliance ADA Group, and creation/write off of fictitious debtors, etc,” the official said.

A spokesperson on behalf of Ambani said: “The complaint filed by SBI pertains to matters dating back more than 10 years. At the relevant time, Ambani was a non-executive director of the company, with no involvement in the day-to-day management. It is pertinent to note that SBI, by its own order, has already withdrawn proceedings against five other non-executive directors. Despite this, Ambani has been selectively singled out.”