CBI files first chargesheet against Reliance Communications, 15 others
What's the story
The Central Bureau of Investigation (CBI) has filed its first chargesheet against Reliance Communications Limited and 15 other accused. The chargesheet was filed in a special court in Mumbai on Friday. It accuses the accused of cheating and corruption offenses, including five senior executives from Reliance Communications Ltd and 10 bank officials from State Bank of India (SBI), Bank of Maharashtra, and erstwhile Syndicate Bank.
Charges explained
Chargesheet filed under IPC and Prevention of Corruption Act
The chargesheet pertains to the alleged misuse of a ₹1,200 crore term loan sanctioned by SBI, ₹500 crore Letter of Credit facilities sanctioned by Bank of Maharashtra, and ₹350 crore Letter of Credit facilities sanctioned by erstwhile Syndicate Bank. The accused have been charged with criminal conspiracy, cheating, criminal misappropriation under the Indian Penal Code (IPC), and criminal misconduct under the Prevention of Corruption Act.
Ongoing probe
CBI's investigation based on SBI complaint
The CBI's investigation was launched on the basis of a complaint by SBI against Reliance Communications Ltd and Anil D Ambani. The bank accused them of causing a loss of ₹2,929.05 crore to the institution. The agency said it is still probing other loans sanctioned by consortium banks and the involvement of other conspirators in the alleged diversion and misappropriation of public funds.
Expanded inquiry
Supreme Court monitoring probe into fraud allegations
The CBI has also filed six FIRs against Reliance Communications, Reliance Home Finance Ltd, Reliance Capital Ltd, and Reliance Telecom Ltd. These cases are still being investigated. The Supreme Court is monitoring the CBI's probe into the alleged fraud by Anil Ambani-led companies in the Reliance Group. The total exposure in this case was ₹19,694.33 crore involving 17 public sector banks.