RCFL fraud chargesheet raises questions as Anil Ambani is left out
In what could be seen as a mockery, the Central Bureau of Investigation (CBI) has filed the first chargesheet in the banking fraud cases involving Anil Ambani’s Reliance Group, without naming him as an accused. The CBI on Tuesday filedacase against five former senior executives of Reliance Commercial Finance Limited (RCFL) for allegedly causing a loss of Rs.4,097 crore to a consortium of 13 public sector banks through diversion of funds, officials said.
Two companies, namely Reliance Infrastructure Ltd and Reliance Home Finance Limited (RHFL), have also been named as accused in the chargesheet filed by the agency before a special court in Mumbai, they said. “Five former senior executives of RCFL, namely
- Devang Pravin Mody (Director & CEO)
- Ravindra Somayajula Rao (Director)
- Dhananjay Bhagwanprasad Tiwari (Director)
- Rajesh Krishnamoorthy (Executive Risk Officer)
- Lav Chaturvedi (Chief Risk Officer)
All 5 have been chargesheeted for offences of criminal conspiracy and cheating with intent to cause huge losses to public sector banks,” a CBI spokesperson said in a statement.
Like in the 2G Scam case, CBI chargesheeted the staffers of Reliance Telecom and Reliance Communications and later made Anil Ambani a witness. While deposing in Court, Anil Ambani pretended ignorance, and later the Prosecutor declared him and his wife Tina Ambani as hostile witnesses.
The agency said its investigation showed that the funds borrowed by RCFL were diverted through intermediary and conduit entities to various Reliance ADA Group companies, in violation of the terms and conditions governing such borrowings, thereby causing wrongful loss to the lending banks and corresponding wrongful gain to the accused persons and related entities. “It may be recalled that the CBI had registered the case based on complaints received from Bank of Maharashtra and other PSU banks of the consortium. The total loss caused to 13 public sector banks is Rs.4,097 crore,” the spokesperson said.
The CBI has kept the investigation open into the alleged role of directors, entities, and public servants involved in causing wrongful loss to the public sector banks and is likely to file supplementary chargesheets. The agency had earlier arrested former vice chairman of Reliance Capital Ltd, Amitabh Jhunjhunwala, former CEO of RCFL, Devang Pravin Mody, and former CFO of Reliance Capital Ltd, Amit Bapna. Jhunjhunwala and Mody are presently in judicial custody, while Bapna is in CBI custody, the spokesperson said. The officials said the probe into the role of Jhunjhunwala and Bapna is still going on.
The CBI has registered seven FIRs against Reliance Communications Ltd (RCom), RHFL, RCFL, and Reliance Telecom Ltd (RTL) on the basis of complaints received from various public sector banks and the LIC.
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