Bank fraud: CBI files 1st charge sheet in Reliance Group cases

Posted on by Vividh Bharathi

Mumbai, May 29 (IANS) The Central Bureau of Investigation (CBI) on Friday said it has filed its first charge sheet against 16 persons in one of the Reliance ADA Group cases.

The CBI registered the case on the basis of a complaint received from the “State Bank of India against Reliance Communications Limited and Anil Ambani for allegedly causing a loss of Rs. 2,929.05 crore to the bank”.

The charge sheet, filed before the Special Judge for CBI Cases, Mumbai, include persons from Reliance Communications Limited, five senior executives of the company, and 10 bank officials of the State Bank of India, Bank of Maharashtra, and the erstwhile Syndicate Bank, for “offences of criminal conspiracy, cheating, criminal misappropriation under the IPC, and criminal misconduct under the Prevention of Corruption Act”.

According to the probe agency, the charge sheet covers the investigation pertaining to the alleged misuse of the Rs 1,200 crore Term Loan sanctioned by the State Bank of India, the Rs 500 crore Letter of Credit facilities sanctioned by Bank of Maharashtra, and the Rs 350 crore Letter of Credit facilities sanctioned by the erstwhile Syndicate Bank.

“Further investigation in the case has been kept open to probe other loans sanctioned by the consortium banks and to ascertain the role of other conspirators involved in the alleged diversion and misappropriation of public funds. Supplementary chargesheets are expected to be filed soon in the case,” a CBI statement said.

The Rupee Term Loans were sanctioned to Reliance Communications Limited by a consortium of 11 banks led by the State Bank of India.

As per the FIR, the total exposure amounted to Rs 19,694.33 crore involving 17 public sector banks.

The CBI has also registered six FIRs against Rcom, RHFL, RCFL, and RTL, which are under investigation.

The investigation into the seven RCs registered by the CBI to investigate the alleged fraud committed by Anil Ambani-led Reliance Group companies is being monitored by the Supreme Court, according to the statement.

–IANS

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