CBI Files Fresh Case Against Anil Ambani, RCom Over Alleged Rs 1,085 Cr Loan Fraud

The Central Bureau of Investigation, has initiated a criminal case against industrialist Anil Ambani, his telecom firm Reliance Communications, and former company director Manjari Ashok Kacker over an alleged bank fraud exceeding Rs 1,085 crore.

The case was formally registered on March 5 following a complaint filed by the Punjab National Bank. The complaint was submitted by Santoshkrishna Annavarpu, a chief manager at the bank’s Stressed Assets Management Branch in Mumbai.

According to the report, the alleged financial irregularities date back to the period between 2013 and 2017. During this time, the accused are suspected of misleading lending institutions to secure substantial credit facilities for Reliance Communications.

Authorities claim the actions caused heavy financial losses to two banks. The FIR states that Punjab National Bank suffered losses of around Rs 621.39 crore, while the erstwhile United Bank of India, which has since been merged with Punjab National Bank, incurred losses estimated at Rs 463.80 crore.

Investigators believe that the accused individuals may have conspired to obtain loans under false pretences and subsequently misused the funds. The complaint suggests that money borrowed for specific business purposes was allegedly diverted or utilised in ways that violated loan agreements, raising suspicions of criminal breach of trust and financial misconduct.

Bank officials informed the agency that the loan accounts began showing signs of distress before ultimately being classified as non-performing assets in 2017. The classification came after the borrower allegedly failed to adhere to agreed financial obligations and breached several conditions tied to the loans.

The matter gained further attention after a forensic examination of the accounts was carried out by BDO India LLP. The audit, completed earlier, reportedly highlighted questionable transactions and potential diversion of funds, including dealings involving related entities.

Following the findings, the banks officially labelled the account as fraudulent in February 2021 and approached the investigative agency for a detailed probe.

Based on the complaint and supporting documents, the CBI has filed the case under multiple legal provisions, including Section 120B of the Indian Penal Code dealing with criminal conspiracy and Section 420 related to cheating. Relevant sections of the Prevention of Corruption Act have also been invoked.

The FIR also mentions the possible involvement of unidentified individuals and public officials whose roles are yet to be established. Investigators are expected to examine financial records, bank communications, and corporate transactions as part of the ongoing inquiry.

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