CBI names former Reliance executives in Rs. 7,429-cr loan diversion case
Excluding the kingpinAnil Ambani, the CBI filed its second chargesheet on Thursday against11 accused, including three former executives of the Reliance ADA Group, in a loan fraud case involving the diversion of Rs.7,429 crore borrowed by Reliance Home Finance Ltd (RHFL). The Central Bureau of Investigation (CBI) in its chargesheet filed before a special court in Mumbai, the CBI has named Amit Bapna, Director and CFO, RHFL; Amitabh Jhunjhunwala, Group MD and Vice Chairman, RCL; and Suresh Nagarajan, CFO, Reliance Power Ltd.
Seven companies — Reliance Infrastructure Ltd, Reliance Power Ltd, Reliance Big Entertainment Pvt Ltd, Reliance Broadcast Network Ltd, Reliance Business Broadcast News Holdings Ltd, Reliance MediaWorks Financial Services Pvt Ltd and Kunjbihari Developers Pvt Ltd– and one private person, Vijay Napawaliya, CA and statutory auditor of RHFL, have also been listed as accused in the chargesheet, a CBI spokesperson said.
“The accused have been chargesheeted for offences of criminal conspiracy and cheating under the IPC. Investigation conducted so far has revealed that funds amounting to Rs.7,429.16 crore, borrowed by Reliance Home Finance Ltd., were allegedly diverted through intermediary and conduit entities to various Reliance ADA Group companies in violation of the terms and conditions stipulated by lenders,” the spokesperson said. It caused “wrongful loss to the lending banks and financial institutions and corresponding wrongful gain to the accused persons and related entities”, according to the spokesperson.
The agency registered the case based on complaints received from Union Bank of India (erstwhile Andhra Bank) and other public sector banks in the consortium. “The first chargesheet was filed in the case on July 9 against four accused persons. With the filing of this chargesheet, a total of 15 accused persons, including senior officials and Group companies, have been chargesheeted in the case so far. Further investigation is continuing to ascertain the role of other accused persons and to investigate other allegations,” the spokesperson said.
The CBI is probing nine FIRs against Reliance Communications Limited (RCom), RHFL, Reliance Commercial Finance Limited (RCFL), Reliance Telecom Limited (RTL) and Reliance Capital Ltd (RCL) on the basis of complaints received from various public sector banks, LIC and EPFO. “The CBI had earlier filed six chargesheets in the Reliance ADA Group cases. The present chargesheet is the seventh chargesheet, and the CBI has so far arrested seven accused persons,” the spokesperson said. Though all companies were headed by Anil Ambani, the CBI has not yet chargesheeted him so far.
The agencies started registering cases against Anil Ambani headed companies for bank loan diversion cases, after fromer Government Secretary EAS Sarma approached Supreme Court. Sarma was represented by noted lawyer Prashant Bhushan, and the agencies informed the apex court that Anil Ambani’s companies have diverted more than Rs.70,000 crore from banks.
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