Rs 1,085 crore bank fraud: CBI files another 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 company director in connection with an alleged bank fraud involving more than Rs 1,085 crore.

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

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

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

The accused allegedly conspired to secure credit facilities for Reliance Communications and later diverted or misused the loan funds. 

The case names Ambani, Reliance Communications Limited, and its former director, Manjari Ashok Kacker, as accused.

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 the borrowers obtained loans from the banks and subsequently violated loan conditions and financial discipline, leading to the accounts being classified as non-performing assets.

The loan accounts were declared NPAs in 2017 after the borrower allegedly failed to adhere to the terms of the credit facilities.

Bank officials later classified the accounts as fraudulent in February 2021 following findings from a forensic audit conducted by BDO India LLP.

The audit reportedly flagged alleged diversion of bank funds and transactions with related parties.

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

Reliance Communications, once one of India’s largest telecom operators, has been undergoing insolvency proceedings in recent years following mounting debt and financial distress.