CBI Files 3rd Chargesheet in Reliance Communications’ ₹1,200-Crore Loan Fraud Case

The Central Bureau of Investigation (CBI) has filed another supplementary chargesheet in the alleged ₹1,200-crore loan fraud case involving Reliance Communications (RCom) and Reliance Infratel.

The latest chargesheet names Amitabh Jhunjhunwala, Group Managing Director of the Reliance ADA Group, in connection with alleged offences including criminal conspiracy, criminal misappropriation and cheating.

CBI Alleges ₹971 Crore Loss to SBI

According to the CBI, its investigation found that Jhunjhunwala allegedly played a key role in a conspiracy to obtain a ₹1,200-crore term loan from State Bank of India (SBI) for Reliance Communications and Reliance Infratel.

The agency has alleged that the loans were not repaid, resulting in a wrongful loss of approximately ₹971.25 crore to SBI.

The chargesheet was filed before the Special Judge for CBI Cases in Mumbai.

20 Accused Now Chargesheeted

The latest filing is the third chargesheet in the case.

The CBI had earlier filed its first chargesheet on May 29, naming 16 accused, including Reliance Communications, five senior company executives and 10 bank officials.

A subsequent supplementary chargesheet named Netizen Engineering Pvt Ltd and its directors Anil Jamna Kalya and Tunu Sahu.

With the latest chargesheet against Jhunjhunwala, the total number of people and entities chargesheeted in the case has reached 20, according to the CBI.

Investigation Into Reliance Group Companies Continues

The CBI said its investigation is still underway, including examination of the roles of other accused and other aspects of the alleged financial irregularities.

The agency has also registered eight FIRs involving Reliance Communications, Reliance Home Finance, Reliance Commercial Finance and Reliance Telecom based on complaints from public sector banks, LIC and EPFO.

Seven Accused Arrested

According to the CBI, seven accused have so far been arrested in cases involving the Reliance ADA Group.

The agency said the accused are currently in judicial custody.

The investigation into these cases is being monitored by the Supreme Court, while the CBI said it remains committed to completing the probe.

What Happens Next?

The latest chargesheet does not itself establish guilt. The allegations will be examined through the judicial process, and the accused will have an opportunity to contest the charges.

Further investigation into other individuals, companies and transactions connected with the alleged loan fraud is expected to continue.