CBI files fresh case against Anil Ambani, RCom over alleged Rs 1,085 Cr loan fraud

The Central Bureau of Investigation (CBI) has registered a fresh case against Reliance Communications (RCom), its former chairman Anil Ambani, former director Manjari Ashok Kacker and other unidentified persons in connection with an alleged bank loan fraud of more than Rs 1,085 crore.

The Hindu reported that according to a First Information Report (FIR) filed on 5 March, the accused are alleged to have cheated Punjab National Bank (PNB) and the erstwhile United Bank of India — which has since merged with PNB — during the period between April 2013 and March 2017.

Investigators said the alleged fraud caused a loss exceeding Rs 1,085 crore to the lending banks.

The CBI alleged that the company failed to maintain financial discipline, diverted loan funds and violated the terms and conditions attached to the credit facilities sanctioned by the banks. The loan account subsequently became irregular and was classified as a non-performing asset (NPA) in June 2017.

According to the complaint filed by the bank, funds were allegedly diverted through transactions involving related parties.

This is the third case registered by the CBI involving the telecom company. On 24 February, the agency filed another case against RCom, Ambani and others for allegedly cheating Bank of Baroda (BoB) of around Rs 2,220 crore. Investigators later conducted searches at premises linked to the accused in connection with that case.

The agency has alleged that loan funds were routed through fictitious transactions with associated entities and that RCom’s financial records were manipulated to conceal irregularities. The loan account with BoB was also declared an NPA in 2017, according to the CBI.

However, the declaration of the account as fraudulent had earlier been stayed following a petition filed by Ambani in the Bombay High Court. The stay was vacated on 23 February, after which the bank lodged its complaint with the CBI.

The first CBI case against the company was based on a complaint from State Bank of India, which led a consortium of 11 lenders that had extended loans to the telecom firm. BoB was not part of that consortium.

The second case relates to loans taken from BoB and two other lenders — Vijaya Bank and Dena Bank — both of which were later merged with Bank of Baroda.

Meanwhile, the Enforcement Directorate (ED) is also investigating a suspected money-laundering angle linked to the alleged fraud.

The agency has attached assets worth more than Rs 15,700 crore belonging to companies under the Reliance (Anil Ambani) Group, including Ambani’s residential property in Mumbai’s Pali Hill area valued at Rs 3,716.83 crore.

According to the ED, RCom and its group companies had borrowed extensively from both domestic and overseas lenders, with total outstanding loans estimated at around Rs 40,185 crore.