Business · India Bureau
CBI files fresh charges in RCom ₹1,200 crore loan fraud case
The Central Bureau of Investigation has filed a supplementary chargesheet in Mumbai against senior Reliance group executive Amitabh Jhunjhunwala in connection with an alleged ₹1,200 crore loan fraud involving Reliance Communications Ltd.
LSN India ·
The CBI named Jhunjhunwala, Group Managing Director of Reliance ADA Group, in a chargesheet filed before a Special Judge for CBI Cases in Mumbai on Friday. He faces charges including criminal conspiracy, criminal misappropriation and cheating in the case.
According to the investigating agency, Jhunjhunwala—who held a "pivotal position" within the conglomerate—allegedly orchestrated a criminal conspiracy to defraud the State Bank of India. The scheme, the CBI said, involved obtaining a term loan of ₹1,200 crore for Reliance Communications Ltd and Reliance Infratel Ltd through dishonest and fraudulent means.
The investigation revealed that neither Reliance Communications nor Reliance Infratel repaid the borrowed funds, resulting in a "wrongful loss" of approximately ₹971.25 crore to the bank. The case was registered based on a formal complaint filed by the State Bank of India, which alleged violations in the loan disbursement and subsequent default by the borrowing entities.