Rs 1,085 crore bank fraud: CBI files fresh case against Anil Ambani, RCom on PNB complaint

The Central Bureau of Investigation (CBI) has registered a criminal case against industrialist Anil Ambani, Reliance Communications Limited (RCom) and a former executive of the company in an alleged bank fraud involving over Rs 1,085 crore.

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The case was registered on March 5 following a complaint filed by Punjab National Bank (PNB) accusing borrowers of duping two public sector lenders between 2013 and 2017.

According to the complaint, the alleged fraud caused a total loss of around Rs 1,085.19 crore to PNB and United Bank of India, which has since been merged with PNB.

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The FIR was filed on the basis of a complaint filed by Santoshkrishna Annavarpu, director general manager of PNB’s Stressed Assets Management Branch in Mumbai.

The defendants allegedly conspired to secure lines of credit for Reliance Communications and later diverted or misused the loan funds.

The accused in the case are Ambani, Reliance Communications Limited, and its former director Manjari Ashok Kacker.

According to the FIR, the alleged loss includes Rs 621.39 crore to Punjab National Bank and Rs 463.80 crore to United Bank of India.

The agency suspects that borrowers have obtained loans from banks and then violated loan terms and financial discipline, resulting in the accounts being classified as non-performing assets.

The loan accounts were declared NPAs in 2017 after the borrower allegedly defaulted on credit limits.

Bank officials later classified the accounts as fraudulent in February 2021 based on a forensic audit by BDO India LLP.

In the inspection, the misuse of the funds of the banks and the transactions made with related parties were reported.

Based on the complaint, the CBI registered a case under sections 120B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code and provisions of the Prevention of Corruption Act. The FIR also names unknown persons and unidentified officials in connection with the suspected conspiracy.

Reliance Communications, once one of India’s largest telecom operators, has been under insolvency proceedings in recent years due to mounting debts and financial difficulties.