The charge sheet names Reliance Communications Limited, five of the company’s top executives, and ten officials from SBI, Bank of Maharashtra (BOM), and the now-defunct Syndicate Bank.
They face charges of criminal conspiracy, cheating, and criminal misappropriation under the Indian Penal Code, along with criminal misconduct as per the Prevention of Corruption Act, according to a press release from the Central Bureau of Investigation.
The charges relate to the purported misuse of a ₹1,200 crore term loan from SBI, along with ₹500 crore in letter of credit facilities from BOM, and ₹350 crore in letter of credit facilities from Syndicate Bank. Ongoing investigations will further explore additional loans sanctioned by the consortium of banks and examine the roles of other conspirators involved in the alleged embezzlement of public funds, as stated by the CBI.
The agency initiated the case based on a complaint from SBI against Reliance Communications Limited and Anil Ambani for reportedly inflicting a ₹2,929.05 crore loss on the bank, the press note indicated.
According to the FIR, “Rupee Term Loans” were issued to Reliance Communications Limited by a consortium of 11 banks led by SBI, with the total exposure reaching ₹19,694.33 crore involving 17 Public Sector Banks.
The CBI has also filed six FIRs against RCom, RHFL, RCFL, and RTL, which are currently under investigation.
The progress of the seven regular cases that the CBI has initiated to examine the alleged fraud committed by companies of the Anil Ambani-led Reliance ADA Group is being supervised by the Supreme Court.
Also Read: Anil Ambani R-Com case: CBI, ED assure Supreme Court that investigation will not affect bank dues
(Edited by : Navneet Singh)
