ED Raids Anil Ambani’s Residence

The Enforcement Directorate (ED) team conducted a raid at the residence of industrialist Anil Ambani. The ED team conducted the raid this morning. The reason for the raid is yet unknown.

The State Bank of India (SBI) has declared Reliance Communications and him as fraudulent. Minister of State for Finance, Pankaj Chaudhary, informed Parliament that SBI has declared Reliance Communications and its promoter director, Anil D. Ambani, fraudulent. This action has been taken under the Reserve Bank of India's (RBI) fraud risk management rules and the bank's fraud policy. Mr Chaudhary stated that the process of filing a complaint with the Central Bureau of Investigation (CBI) is expected to begin soon. The bank is going to file a complaint with the CBI.