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Central Bureau of Investigation Books Anil Ambani, Reliance Communications Over Alleged Bank Fraud
The CBI has filed a new case of bank fraud involving over ₹1,085 crore against Anil Ambani, Reliance Communications, and a former director. The action was taken on a complaint from Punjab National Bank, alleging losses to two banks between 2013 and 2017.
A fresh criminal case has been registered by the Central Bureau of Investigation (CBI) against industrialist Anil Ambani, Reliance Communications Limited (RCom), and a former director of the firm for a bank fraud amounting to more than ₹1,085 crores.
This criminal case was registered by the CBI on the basis of a complaint filed by the Punjab National Bank (PNB). According to the complaint, this alleged scam resulted in a total loss of ₹1,085.19 crore to PNB and United Bank of India (which has now merged with PNB).
In the FIR filed by the CBI, Anil Ambani, Reliance Communications Limited, and the former director of the firm, Manjari Ashok Kakar, have been mentioned as the accused. These accused allegedly joined hands to obtain loan facilities.
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How much loss to which bank?
- Punjab National Bank: ₹621.39 crore
- United Bank of India: ₹463.80 crore
According to the investigating agency, borrowers took loans from the banks but later violated the loan terms and financial discipline. Consequently, these loan accounts were declared non-performing assets (NPAs) in 2017. Later, a forensic audit conducted by BDO India LLP revealed shocking facts. The audit report revealed diversion of bank funds and suspicious transactions with related parties, following which these accounts were classified as fraudulent in February 2021.
The CBI has registered a case under sections 120B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code (IPC), as well as provisions of the Prevention of Corruption Act. The FIR also names some unidentified individuals and government officials suspected of involvement in the conspiracy.
It is worth noting that Reliance Communications, once one of the country's largest telecom companies, has been undergoing insolvency proceedings for the past few years due to heavy debt and financial crisis.
