The Central Bureau of Investigation (CBI) has filed its first chargesheet in one of the cases related to the Reliance ADA Group, naming 16 accused, including Reliance Communications Ltd (Rcom), five senior company executives, and 10 officials of public sector banks.
Filed before a special CBI court in Mumbai, the chargesheet alleges criminal conspiracy, criminal misappropriation, cheating under the Indian Penal Code (IPC) along with criminal misconduct under the Prevention of Corruption Act.
The case relates to the alleged misuse and diversion of loan facilities approved to Reliance Communications by multiple lenders. The broader probe into seven cases related to companies linked to the Anil Ambani-led Reliance ADA Group is being monitored by the Supreme Court.
Loans worth over Rs 2,000 crore under scanner
The chargesheet related to the alleged misuse of a Rs 1,200 crore term loan sanctioned by the State Bank of India (SBI). It also covers Rs 500 crore in letter of credit facilities extended by Bank of Maharashtra and Rs 350 crore in letter of credit facilities sanctioned by the erstwhile Syndicate Bank.
Among those named are officials of SBI, Bank of Maharashtra, and Syndicate Bank, along with senior executives of Reliance Communications.
As per a report by The Indian Express, the chargesheet was filed in case number RCO742025E0005, one of the several FIRs lodged against companies related to the Reliance ADA Group.
Probe to continue, more chargesheets possible
The CBI stated that the investigations remain open and will examine other loans sanctioned by consortium banks as well as the role of additional individuals allegedly involved in the diversion and misappropriation of funds.
“Further investigation has been kept open to investigate other loans sanctioned by the consortium of banks and to find the role other conspirators involved in the alleged diversion and misappropriation of public funds,” the agency said, as quoted by PTI.
As per an ANI report, supplementary chargesheets are likely to be filed as the investigation progresses.
SBI complaint led to the case
The case was registered on a complaint by SBI against Reliance Communications Ltd and Anil Ambani, alleging losses of Rs 2,929.05 crore to the bank.
The FIR stated that rupee term loans were approved to Reliance Communications by a consortium of 11 banks led by SBI. The total exposure stood at Rs 19,694.33 crore and involved 17 public sector banks.
The CBI has also filed six additional FIRs against Rcom, Reliance Commercial Finance Limited (RCFL), Reliance Home Finance Ltd, Reliance Telecom Ltd (RTL) and Reliance Home Finance Ltd, all of which remain under investigation.
“The investigation in the seven regular cases registered by the CBI to investigate the alleged fraud committed by Anil-Ambani led Reliance ADA Group companies is being monitored by the Supreme Court,” the agency stated, as reported by PTI.