The Central Bureau of Investigation has filed its first chargesheet in a major case linked to the Reliance ADA Group. Submitted before a Special CBI Judge in Mumbai, the chargesheet names 16 accused individuals and entities, including Reliance Communications Limited (RCom), senior corporate executives, and several public sector bank officials.
The investigative agency has leveled serious charges of criminal conspiracy, cheating, criminal misappropriation, and criminal misconduct. Among those accused are five senior RCom executives and 10 bank officials from the State Bank of India, Bank of Maharashtra, and the erstwhile Syndicate Bank.
At the heart of the probe is the alleged misuse and diversion of massive loan facilities. These include a ₹1,200 crore term loan from SBI, alongside Letter of Credit facilities worth ₹500 crore from the Bank of Maharashtra and ₹350 crore from the erstwhile Syndicate Bank. The CBI initiated the case following a formal complaint by SBI, which reported an initial loss of ₹2,929.05 crore. However, the total exposure of the 17-bank consortium, led by SBI, stands at a staggering ₹19,694.33 crore.
The CBI emphasized that this is only the beginning. The investigation remains open to scrutinize other credit facilities and uncover additional conspirators involved in the misappropriation of public funds. With the Supreme Court actively monitoring seven related cases, and six additional FIRs already registered against various Reliance ADA entities, the agency confirmed that supplementary chargesheets are likely to be filed as the probe progresses.