SBI probe flags Rs 5,500 crore deals among Anil Ambani cos

MUMBAI: A probe commissioned by SBI has flagged transactions worth Rs 5,500 crore in the books of Reliance Communications and two other Anil Ambani-led Reliance Group entities for further investigation, four people with direct knowledge of the matter told ET. The probe into fund flows at RCom, Reliance Telecom and Reliance Telecom Infrastructure has examined related-party transactions, apparent evergreening of loans and seemingly preferential dealings with entities at which a few Reliance Group employees were directors. The Reliance Group was formerly known as the Anil Dhirubhai Ambani Group.

The probe, which looked at transactions between May 2017 and March 2018, examined over 100,000 entries. Funds flows involving three large entries are particularly under the scanner as the SBI-led lenders’ group suspects fund diversion. The lenders are now looking to initiate a deeper probe to ascertain the authenticity of the dealings of these three entities, said one of the