CBI Chargesheet: Reliance Communications, 10 Bank Officials Named in Rs 2,929 Crore Fraud

The Central Bureau of Investigation (CBI) has filed its first chargesheet in a bank fraud case linked to the Reliance ADA Group, marking a major development in one of the ongoing probes involving alleged diversion of large corporate loans and suspected financial irregularities.

The case stems from a complaint filed by the State Bank of India (State Bank of India), which alleged that Reliance Communications Ltd and its promoters, including businessman Anil Ambani, were responsible for causing losses amounting to approximately ₹2,929.05 crore to the bank through misuse and diversion of sanctioned credit facilities.

According to officials, the chargesheet was submitted before a special judge for CBI cases in Mumbai and names a total of 16 accused persons. These include Reliance Communications Ltd, five senior executives from the company, and 10 officials from various banks who were allegedly involved in approving or facilitating the loan transactions under scrutiny.

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Investigators have also named officials linked to major public sector banks, including the State Bank of India, Bank of Maharashtra, and the erstwhile Syndicate Bank. The accused have been charged with offenses including criminal conspiracy, cheating, criminal misappropriation under the Indian Penal Code, and criminal misconduct under the Prevention of Corruption Act.

The CBI’s action is part of a broader set of investigations into multiple FIRs registered against entities associated with the Anil Ambani-led Reliance ADA Group. Officials say the cases focus on alleged irregularities in loan approvals, fund diversion, and failure to adhere to banking norms in high-value corporate lending.

The filing of the chargesheet marks a significant procedural step in the case, potentially paving the way for a detailed trial process. Authorities are expected to continue examining financial records and banking decisions linked to the transactions as the investigation progresses further.

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