The Central Bureau of Investigation (CBI) filed its first chargesheet in one of the cases involving the Reliance ADA Group on Friday in a special court in Mumbai. The chargesheet lists 16 accused, including Reliance Communications Limited. This case pertains to the alleged misuse of a ₹1,200 crore term loan sanctioned by the State Bank of India, along with ₹500 crore in Letter of Credit facilities from Bank of Maharashtra and ₹350 crore in Letter of Credit facilities from the former Syndicate Bank.
Among those named in the chargesheet are five senior executives of Reliance Communications, as well as 10 officials from the State Bank of India, Bank of Maharashtra, and the erstwhile Syndicate Bank. The CBI has leveled allegations of criminal conspiracy, cheating, criminal misappropriation, criminal misconduct, and corruption against these individuals.
In a press release issued on the same day, the CBI noted, “The investigation in the seven RCs (FIRs) registered by the CBI to investigate the alleged fraud committed by Anil Ambani-led Reliance Group companies is being monitored by the Hon’ble Supreme Court.”
The CBI’s investigation was initiated following a complaint from the State Bank of India, which alleged that Reliance Communications and its chairman, Anil D. Ambani, caused a loss of ₹2,929.05 crore to the bank. The agency indicated that the investigation remains open to further examine other loans sanctioned by consortium banks and to determine the involvement of additional conspirators in the alleged diversion and misappropriation of public funds. Supplementary chargesheets are anticipated in the near future.
