New Delhi — The Central Bureau of Investigation has expanded its prosecution in the Reliance Communications loan fraud case, filing a second charge sheet that accuses a private company and two directors of helping route and divert borrowed funds.
The filing, submitted Friday to a special CBI court in Mumbai, names Netizen Engineering Pvt. Ltd., formerly Reliance Infocomm Engineering Pvt. Ltd., along with directors Anil Kalya and Tunu Sahu.
Prosecutors have accused them of criminal conspiracy, cheating and criminal misappropriation.
The CBI alleges that Reliance Communications used Netizen Engineering as an intermediary through which loan proceeds were moved away from their intended purposes. Investigators say the arrangement benefited the accused and affiliated entities while leaving public-sector lenders with substantial losses.
The investigation began after the State Bank of India submitted a complaint to the federal agency. The first information report places the combined exposure of public-sector banks and financial institutions at 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.
Friday’s filing follows an earlier charge sheet submitted May 29 against 16 defendants. That group included Reliance Communications, five senior company executives and 10 bank officials.
The agency said it is continuing to examine the involvement of additional individuals and entities, indicating that more findings could emerge as the investigation progresses.
Separately, the CBI has opened seven cases involving Reliance Communications, Reliance Home Finance Limited, Reliance Commercial Finance Limited and Reliance Telecom Limited. Those cases stem from complaints filed by several public-sector banks and the Life Insurance Corporation of India. (Source: IANS)
