The Central Bureau of Investigation (CBI) has registered a case against industrialist Anil Ambani and Reliance Communications (RCom) following a complaint from Punjab National Bank (PNB), while the FIR alleges a financial fraud amounting to ₹1085 crore. According to officials, the case has been registered under Sections 420 (Cheating) and 120B (Criminal Conspiracy) of the Indian Penal Code (IPC) based on the complaint filed by PNB Chief Manager Santoshkrishna Annavarapu.
Details of the PNB Complaint
According to the complaint filed by the public sector lender, the alleged fraud occurred between 2013 and 2017.80 crore to the erstwhile United Bank of India. It's pertinent to note that United Bank of India was merged with Punjab National Bank in April 2020. The bank alleges that the credit facilities were availed with no intention of repayment.
Allegations of Fund Diversion
The FIR highlights that Reliance Communications and its then-officials allegedly conspired to divert bank funds for purposes other than those sanctioned. The bank has accused the company of criminal breach of trust and misappropriation of funds. According to the investigative findings mentioned in the complaint, the borrowed capital was intentionally siphoned off, leading to a significant financial dent in the bank's books.
NPA Classification and Policy Violations
The loan accounts of Reliance Communications were classified as Non-Performing Assets (NPA) in 2017. The bank reported that the borrowing entity failed to maintain financial discipline and violated several terms and conditions of the loan agreement. Following internal audits and forensic examinations, the bank categorized the accounts as fraudulent and approached the central probe agency for further investigation.
Accused Named in the FIR
Apart from Anil Ambani, the CBI has named Reliance Communications Limited and Manjari Ashok Kakar as accused in the FIR. The agency is also investigating the role of other unknown individuals and public servants who might have been involved in the conspiracy. The investigation is currently focused on tracing the trail of the diverted funds and examining the documentation provided during the loan processing period.