The Central Bureau of Investigation (CBI) has filed its first chargesheet in the multi-crore financial fraud cases linked to the Anil Ambani-led Reliance ADA Group. The chargesheet was submitted before a Special CBI Court in Mumbai, naming 16 accused, including Reliance Communications Limited, five senior company executives, and 10 bank officials from the State Bank of India, Bank of Maharashtra, and the erstwhile Syndicate Bank.
The accused have been charged under various sections of the Indian Penal Code and the Prevention of Corruption Act for criminal conspiracy, cheating, criminal misappropriation, and misconduct. According to the CBI, the case involves the alleged diversion and misuse of public funds worth Rs 2,050 crore.
The investigation focuses on a Rs 1,200 crore term loan sanctioned by SBI, Rs 500 crore in Letter of Credit facilities from Bank of Maharashtra, and Rs 350 crore in Letter of Credit facilities from Syndicate Bank. The probe agency alleged that these funds were diverted instead of being used for legitimate business purposes.
The case originated from a complaint filed by SBI against Reliance Communications and its promoter Anil Ambani, alleging a direct loss of Rs 2,929 crore to the bank. The FIR further revealed that the total exposure of a consortium of 17 public sector banks stood at nearly Rs 19,694 crore.
The CBI has already registered seven FIRs against several Anil Ambani group companies, including Reliance Communications, Reliance Home Finance, Reliance Commercial Finance, and Reliance Telecom. Given the scale of the alleged banking fraud and the involvement of massive public funds, the investigation is being monitored by the Supreme Court of India.
The agency stated that further investigation is underway to identify the role of other conspirators and examine additional loans sanctioned by the banking consortium. More supplementary chargesheets are expected to be filed in the coming weeks.
