Anil Ambani: Anil Ambani and his company Reliance Communications (RCom) are getting into trouble in the bank fraud case. In a new development, the Central Bureau of Investigation (CBI) has taken major action against Reliance ADA Group in the loan fraud case worth crores of rupees.

Under this, CBI has filed its first charge sheet in the special court of Mumbai. The names of 16 accused are included in this charge sheet. Those accused include Reliance Communications Limited, its five senior officials and 10 bank officials of State Bank of India, Bank of Maharashtra and the then Syndicate Bank.

Investigation into misuse of funds worth Rs 2,050 crore

The initial charge sheet specifically focuses on misuse of government funds worth Rs 2,050 crore and diverting them. According to the agency, the following cases are included in the investigation:-

• Term loan of Rs 1200 crore sanctioned by State Bank of India.
• Letter of Credit facilities worth Rs 500 crore sanctioned by Bank of Maharashtra.
• Letter of credit facilities of Rs 350 crore previously sanctioned by Syndicate Bank.

Instead of using these funds for intended business purposes, they were allegedly misused. SBI complains that Reliance Communications has caused a loss of Rs 2929.05 crore to the bank. However, including the entire consortium of public sector banks, the total loss comes to Rs 19694.33 crore.

Now what next?

Since huge amounts of public and government banks are involved in this case, the entire case is being investigated strictly under the supervision of the Supreme Court. CBI has registered a total of 7 FIRs against Anil Ambani led companies such as Reliance Telecom, Reliance Home Finance and Reliance Commercial Finance. The investigation is still going on. Supplementary chargesheets can be filed by CBI in the coming days.

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