New Delhi, June 11 (IANS) The National Company Law Tribunal (NCLT) on Thursday admitted a plea filed by the State Bank of India (SBI) and initiated personal insolvency resolution proceedings against industrialist Anil Ambani in his capacity as a personal guarantor for loans extended to Reliance Communications (RCOM) and Reliance Infratel Ltd (RITL). A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar passed the order while admitting the SBI’s application filed …
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Mumbai, June 1 (IANS) The CBI has arrested top executive of Reliance Communication Group, Amitabh Jhunjhunwala for causing a loss of over 6,000 crore to an SBI-led consortium of banks. He was the Group Managing Director of Reliance Communications group at the relevant time and was controlling the affairs of important functions like corporate finance, banking and utilisation of funds, according to a CBI statement issued on Monday. Jhunjhunwala coordinated with senior formations of the bank for lo…
Mumbai, May 9 (IANS) The Central Bureau of Investigation (CBI) on Saturday said it has conducted searches at 17 premises in Mumbai in connection with three cases registered against Anil Ambani-led Reliance ADA Group companies — Reliance Telecom Ltd, Reliance Commercial Finance Ltd, Reliance Home Finance Ltd and their Directors.According to a CBI statement, these searches are “being conducted at the residential premises of Directors of the above-mentioned companies as well as at the office pre…
New Delhi, April 30 (IANS) The Supreme Court on Thursday took on record fresh status reports filed by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) in the ongoing probe into the alleged large-scale bank fraud involving Anil Ambani-controlled Reliance Communications (RCom) and associated group entities.A bench of Chief Justice of India (CJI) Surya Kant, and Justices Joymalya Bagchi and Vipul M. Pancholi, was informed by advocate Prashant Bhushan, appearing for the…
New Delhi, April 28 (IANS) The Enforcement Directorate (ED) has attached another set of assets valued at Rs 3,034.90 crore in the Reliance Communications (RCom) Ltd bank fraud case, bringing the total attachment in Reliance Anil Ambani Group cases to over Rs 19,344 crore, according to an agency statement issued on Tuesday.The special investigation team (SIT) constituted on the directions of the Supreme Court is investigating the Reliance Anil Ambani Group (RAAG) cases involving diversion and lau…
New Delhi, March 23 (IANS) The Supreme Court on Monday stressed the need for a coordinated, fair, and time-bound investigation into alleged large-scale bank frauds linked to Anil Ambani’s Reliance Communications (RCom) and its group entities. A bench, headed by Chief Justice of India (CJI) Surya Kant, observed that investigating agencies such as the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) must “join hands” and work in coordination to unearth the truth in a tr…
New Delhi, Jan 30 (IANS) The Directorate of Enforcement (ED) has arrested Punit Garg, ex-Director of Reliance Communications (RCOM) Ltd, under the Prevention of Money Laundering Act (PMLA) in the over Rs 40,000 crore bank fraud and money laundering case, an agency statement said on Friday.The probe shows Garg diverted proceeds of crime to offshore entities and used these proceeds of crime for financing the overseas education of his children. He also fraudulently sold an $8.3 million luxury condo…
New Delhi, Jan 23 (IANS) The Supreme Court on Friday sought sealed-cover status reports from the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) on their ongoing probes into alleged large-scale bank frauds linked to Reliance Communications Ltd (RCOM), its group companies, and promoter Anil Ambani. A Bench of Chief Justice of India (CJI) Surya Kant and Justice Joymalya Bagchi directed the two Central agencies to apprise the top court of the progress made in the investig…