CBI Registers FIR Against Anil Ambani and Reliance Communications in Alleged Loan Diversion Case

The Central Bureau of Investigation (CBI) has recently registered an FIR filed by the Punjab National Bank against Anil Ambani, along with his company Reliance Communications Limited and its previous director Manjari Ashok Kacker, for their alleged involvement in bank fraud of over Rs 1,085 crore.

As per the complaint filed by Santoshkrishna Annavarpu, Chief Manager of the PNB’s Stressed Assets Management Branch, Mumbai, the accused have caused wrongful loss to PNB and United Bank of India, which is now merged with PNB between 2013 and 2017. The accused persons allegedly cheated the banks by inducing them to approve the credit facilities to Reliance Communications.

CBI has registered the case under sections 120B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code and relevant provisions of the Prevention of Corruption Act.

The investigators believe that after the loan fund was received, the accused diverted it and misused it, resulting in a breach of trust and misappropriation. The complaint also alleged that the loan accounts were classified as non-performing assets in 2017 because the borrower could not maintain financial discipline and failed to follow the loan conditions.

Further, the audit conducted by BDO India LLP identified the alleged diversion of bank funds and transactions with related parties. Due to this, the account was declared fraudulent in February 2021.