Report Wire

Tag: Fund Diversion

  • Anil Ambani Questioned Again by CBI in Rs 2929 Cr Loan Scam

    Friday brought Anil Ambani face-to-face with CBI interrogators for the second straight day, as the agency dissects a Rs 2,929 crore fraud linked to Reliance Communications’ SBI borrowings. Touching down at headquarters by 10 AM, the session extended the prior day’s exhaustive probe into financial misdemeanors.

    Core allegations involve 2013-2017 era diversions: loans funneled through group layers for unintended uses, costing banks dearly. SBI’s complaint accuses criminal plotting, dishonesty, and trust violation, within a Rs 40,000 crore debt mountain.

    The August 2025 FIR triggered a cascade of banker actions—PNB, BoI, Union Bank, and more—culminating in 2026 add-ons. CBI’s evidence haul from Mumbai raids on Ambani’s dwellings and workspaces fuels momentum.

    Ambani’s camp pledges cooperation, denouncing charges as outdated relics from his non-executive days, uninvolved in routines. Ongoing NCLT and Supreme Court litigations add layers to resolution.

    This saga symbolizes India’s post-pandemic banking cleanup, targeting legacy defaulters. Ambani’s testimony could unlock broader revelations, influencing policy on willful defaulters and executive liabilities in distressed firms.

  • Karnataka Congress Accused of SC/ST Funds ‘Plunder’: BJP to Rahul

    Tensions flared in Karnataka’s political arena as BJP accused the Congress government of plundering SC/ST welfare funds for its guarantee schemes. In a direct appeal, Leader of Opposition R Ashok asked Rahul Gandhi why he’s mute on this alleged scandal.

    Ashok laid out the charges meticulously: successive budgets saw ₹35,000 crore of the ₹42,018 crore SCSP/TSP allocation diverted, slashing development funds to ₹7,000 crore. This equates to nearly ₹39,000 crore pilfered from programs vital for Scheduled Castes and Tribes.

    Labeling it a ‘methodical loot’ of community resources, Ashok slammed the treatment of mandatory funds as the CM’s ‘personal savings box’ to offset mismanagement in key welfare areas.

    He took aim at Gandhi’s hypocrisy, noting the disconnect between national slogans of equity and Karnataka’s reality. ‘Does this fund raid embody Congress’s equality pledge?’ Ashok challenged, decrying the assault on legal rights through persistent freebie funding.

    Over 70 outfits are poised for demonstrations, adding pressure on the government. Ashok demanded explicit budget assurances from Siddaramaiah to safeguard these allocations moving forward.

    As accusations fly, this controversy spotlights fiscal priorities in Karnataka, bolstering BJP’s campaign to champion SC/ST causes in the state’s polarized politics.

  • ED Cracks Down on Kolkata Trustee’s Money Laundering from School Funds

    A high-stakes legal offensive by the Enforcement Directorate targets Krishna Damani, trustee at South Point Education Society, over allegations of laundering more than Rs 20 crore in school money. The prosecution complaint, dated February 11, 2026, invokes PMLA provisions and has drawn a court notice under BNSS.

    Triggered by police action, ED’s scrutiny revealed Damani’s stranglehold on governance, enabling rampant fund misuse. Posing as payments for manpower and services, money flowed to family-owned companies via doctored records—non-existent workers’ salaries chief among them.

    Lavish personal spends, unprovided services, and lockdown ghost payments drained resources further. The laundering layered tainted funds through family payouts—wife, mother, daughters receiving inflated sums—channeled into mutual funds for concealment.

    Building on Damani’s February 2024 arrest for a Rs 30 crore embezzlement plot via related firms, and ED’s 2024 operations, bail hasn’t halted momentum. This saga exposes systemic risks in trust management, promising accountability as investigations intensify for recoveries and further charges.