The Central Bureau of Investigation (CBI) announced on Friday the filing of its initial charge sheet against 16 individuals in a case related to the Reliance ADA Group. This action follows a complaint from the State Bank of India against Reliance Communications Limited and Anil Ambani, alleging a bank loss of Rs. 2,929.05 crore. The charge sheet, submitted to the Special Judge for CBI Cases in Mumbai, involves individuals from Reliance Communications Limited, five senior company executives, and 10 bank officials from State Bank of India, Bank of Maharashtra, and the former Syndicate Bank.
The charges include offenses such as criminal conspiracy, cheating, criminal misappropriation under the IPC, and criminal misconduct under the Prevention of Corruption Act. The investigation focuses on the alleged misapplication of a Rs 1,200 crore Term Loan from the State Bank of India, Rs 500 crore Letter of Credit facilities from Bank of Maharashtra, and Rs 350 crore Letter of Credit facilities from the erstwhile Syndicate Bank. Further inquiries are ongoing to explore additional loans from consortium banks and identify other potential conspirators involved in diverting and misusing public funds. Supplementary chargesheets are anticipated in the near future.
The consortium of 11 banks, led by the State Bank of India, provided Rupee Term Loans totaling Rs 19,694.33 crore to Reliance Communications Limited. The CBI has initiated six FIRs against Rcom, RHFL, RCFL, and RTL, all of which are currently under investigation. The CBI’s investigation into the alleged fraud by Anil Ambani-led Reliance Group companies, encompassing the seven RCs registered, is under the monitoring of the Supreme Court.
