The Central Bureau of Investigation (CBI) on Friday filed its first chargesheet before a special CBI court in Mumbai in connection with the alleged multi-crore loan fraud involving Reliance Communications Limited (RCom), a company belonging to the Reliance ADA Group.
The chargesheet names 16 accused, including Reliance Communications, five of its senior officials, and ten officials from State Bank of India (SBI), Bank of Maharashtra and the erstwhile Syndicate Bank. The accused have been charged under sections related to criminal conspiracy, cheating, criminal breach of trust and criminal misconduct under the Prevention of Corruption Act.
According to the CBI, the chargesheet pertains to the alleged misuse and diversion of loan facilities amounting to ₹2,050 crore sanctioned by the three banks. These include a ₹1,200-crore term loan from SBI, a ₹500-crore Letter of Credit (LC) facility from Bank of Maharashtra and an LC facility sanctioned by Syndicate Bank.
The case was registered following a complaint lodged by SBI, which alleged that Reliance Communications and its promoters caused a wrongful loss of ₹2,929.05 crore to the bank. The complaint stated that the company had availed loan facilities from a consortium of lenders led by SBI and subsequently defaulted on repayments.
Investigators said an SBI-led consortium of 11 banks had extended substantial credit facilities to Reliance Communications. The total exposure of 17 public sector banks in the account stood at ₹19,694.33 crore.
The CBI stated that the investigation remains ongoing and that the present chargesheet covers only a part of the allegations under scrutiny. The agency is continuing to examine loans sanctioned by other consortium banks and the possible involvement of additional individuals in the alleged diversion and misappropriation of public funds.
Officials indicated that further investigation has been kept open and supplementary chargesheets may be filed as more evidence emerges.
