New Delhi: The Central Bureau of Investigation (CBI) has filed a second chargesheet in the high-profile Reliance Communications Limited (RCom) loan fraud case. The agency has named M/s Netizen Engineering Pvt. Ltd. (formerly Reliance Infocomm Engineering Pvt. Ltd.) and its two directors, Anil Kalya and Tunu Sahu, on charges of criminal conspiracy, criminal misappropriation and cheating.
The chargesheet has been filed before the Special CBI Court in Mumbai. According to the CBI, its investigation found that Netizen Engineering Pvt. Ltd. was allegedly used by Reliance Communications as a pass-through entity to wilfully divert loan funds. The agency alleges that the diversion caused wrongful losses to lending banks while providing corresponding wrongful gains to the accused and associated entities.
The case was registered by the CBI on the basis of a complaint filed by the State Bank of India (SBI). According to the FIR, the total exposure of public sector banks and financial institutions in the case amounts to ₹19,694.33 crore.
Earlier, on May 29, the CBI filed its first chargesheet against 16 accused, including Reliance Communications Limited, five of its senior executives and ten bank officials. With the filing of the second chargesheet, the agency has further expanded the scope of its investigation.
The CBI stated that the investigation is still underway and that it is examining the roles of other accused persons, the movement of funds, related companies and additional financial transactions connected to the alleged fraud. The agency said supplementary chargesheets may be filed if further evidence emerges during the investigation.
The CBI also disclosed that 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).
Investigators are continuing to examine financial transactions, corporate structures and documents related to the alleged diversion of loan funds to determine how the borrowed money was utilised and to establish the role of individuals and entities allegedly involved in the financial irregularities. The investigation remains ongoing.
