New Delhi [India], March 8 : The Central Bureau of Investigation (CBI) has registered a case against industrialist Anil Ambani, his company Reliance Communications Limited, and its former director Manjari Ashok Kacker in connection with an alleged bank fraud case involving more than Rs 1,085 crore.
According to the FIR registered by the agency on March 5, the case has been filed on a complaint by Punjab National Bank (PNB). The complaint was lodged by Santoshkrishna Annavarpu, Chief Manager of the bank's Stressed Assets Management Branch in Mumbai.
As per the FIR, the accused allegedly cheated PNB and United Bank of India (now merged with PNB) during the period between 2013 and 2017, causing a wrongful loss of about Rs 1,085.19 crore to the banks.
The alleged loss includes Rs 621.39 crore to PNB and Rs 463.80 crore to United Bank of India.
The FIR states that the accused persons allegedly entered into a criminal conspiracy and dishonestly induced the banks to sanction credit facilities to Reliance Communications. Investigators suspect that the loan funds were diverted and misused, leading to alleged criminal breach of trust and misappropriation.
According to the complaint, the loan accounts were later classified as non-performing assets in 2017 after the borrower allegedly failed to maintain financial discipline and violated loan conditions.
The bank also informed investigators that the account was declared fraudulent in February 2021 following findings of a forensic audit conducted by BDO India LLP. The audit reportedly pointed to alleged diversion of bank funds and transactions with related parties.
Based on the complaint, the CBI has 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. Unknown persons and unknown public servants have also been named in the FIR.