Days after the Enforcement Directorate (ED) questioned businessman Anil Ambani in a money laundering case, the Central Bureau of Investigation (CBI) on Saturday raided premises linked to Reliance Communications (RCOM) and its Promoter Director.

The raids, conducted at multiple places in Mumbai, were in connection with an alleged fraud that caused a loss of over Rs 2,000 crore to the State Bank of India (SBI), according to sources. The SBI classified RCOM and 66-year-old Ambani as “fraud” on June 13 in accordance with the Reserve Bank of India’s Master Directions on Fraud Risk Management and the Bank’s Board-approved Policy on Classification, Reporting & Management of Frauds. In its letter to RCom, SBI said it found deviation in the utilisation of loans, involving a complex web of fund movements across multiple group entities.

As per RBI guidelines, after a bank classifies an account as “fraud”, the lender should then report it to the RBI within 21 days of detection and also report the case to the CBI or police. Earlier this month, Anil Ambani faced a gruelling nine-hour interrogation at the ED headquarters in the national capital regarding an alleged Rs 17,000-crore loan fraud case.