Second CBI chargesheet filed in Reliance Communications loan fraud probe

The Central Bureau of Investigation (CBI) on Friday filed a second chargesheet in the Reliance Communications Limited (RCom) loan fraud case, naming a company and two of its directors for alleged criminal conspiracy, criminal misappropriation and cheating in connection with the diversion of funds.

The chargesheet was filed before the Special Judge for CBI Cases in Mumbai against M/s Netizen Engineering Pvt. Ltd. (formerly Reliance Infocomm Engineering Pvt. Ltd.) and its two directors, Anil Kalya and Tunu Sahu.

According to the CBI, its investigation found that Netizen Engineering Pvt. Ltd. was allegedly used by Reliance Communications Limited as a pass-through entity for the wilful diversion of funds, causing wrongful losses to lending banks while resulting in corresponding wrongful gains to the accused and related entities.

The agency had registered the case on the basis of a complaint filed by the State Bank of India (SBI).

As per the FIR, the total exposure of public sector banks and financial institutions in the case amounts to Rs 19,694.33 crore.

“It may be recalled that the CBI had registered the case on the basis of a complaint received from the State Bank of India. As per the FIR, the total exposure of Banks and Financial Institutions in the case is Rs. 19,694.33 crore.

“It may be recalled that the CBI had registered the case on the basis of a complaint received from the State Bank of India. As per the FIR, the total exposure of Public Sector Banks and Financial Institutions in the case is Rs. 19,694.33 crore,” the agency said in a statement.

Earlier, on May 29, the CBI had filed its first chargesheet against 16 accused, including Reliance Communications Limited, five of its senior executives and ten bank officials.

The agency said further investigation remains open to determine the role of other accused persons and examine additional aspects of the case.

The CBI also said it has registered seven FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Telecom Limited (RTL) based on complaints received from various public sector banks and the Life Insurance Corporation of India (LIC).