CBI files first chargesheet in Reliance ADA Group case against 16 accused

According to the CBI, the chargesheet has been filed against five senior executives of the company and 10 bank officials of the State Bank of India, Bank of Maharashtra and erstwhile Syndicate Bank

The Central Bureau of Investigation (CBI) on Friday filed its first chargesheet in one of the cases linked to the Reliance ADA Group, before the Special Judge for CBI Cases in Mumbai, against 16 accused persons, including Reliance Communications Limited, senior company executives, and officials of public sector banks.

According to the CBI, the chargesheet has been filed against five senior executives of the company and 10 bank officials of the State Bank of India, Bank of Maharashtra and the erstwhile Syndicate Bank for offences of criminal conspiracy, cheating, criminal misappropriation under the Indian Penal Code (IPC), and criminal misconduct under the Prevention of Corruption Act.

 

The case pertains to the alleged misuse and diversion of large loan facilities sanctioned by consortium banks. These include a ₹1,200 crore term loan sanctioned by the State Bank of India, ₹500 crore Letter of Credit facilities sanctioned by Bank of Maharashtra, and ₹350 crore Letter of Credit facilities sanctioned by the erstwhile Syndicate Bank.

The agency said the investigation is continuing and has been kept open to probe other loans sanctioned by consortium banks and to ascertain the role of additional conspirators involved in the alleged diversion and misappropriation of public funds. It added that supplementary chargesheets are likely to be filed as the probe progresses.

It may be recalled that the CBI registered the case on the basis of a complaint from the State Bank of India, alleging a loss of ₹2,929.05 crore. The complaint pertains to loans extended to Reliance Communications Limited, with the total consortium exposure pegged at ₹19,694.33 crore involving 17 public sector banks led by SBI.

The CBI has also registered six FIRs against RCom, RHFL, RCFL and RTL, which are under investigation. The probe in seven related cases is being monitored by the Supreme Court.