New Delhi1 day ago
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This is the fourth case against RCom and Anil Ambani.
CBI has registered a new case against Reliance Communications (RCom) and Anil Ambani. This action has been taken on the complaint of LIC. The investigating agency alleges that Anil Ambani and his company in collusion have defrauded LIC of about ₹3,750 crore.
This is the fourth case against RCom and Anil Ambani. CBI has registered an FIR in this case under sections of criminal conspiracy, cheating and Prevention of Corruption Act.
Made investment from LIC by giving false information
The CBI investigation has revealed that between 2009 and 2012, Reliance Communications had persuaded LIC to invest ₹4,500 crore in non-convertible debentures (NCDs).
It is alleged that the company’s management had made false claims to LIC regarding its financial position. Apart from this, the assurance of security and asset cover given in exchange of investment was also completely wrong.
Anil Ambani is the founder of Reliance Communications. (file photo)
Forensic audit reveals misappropriation of funds
In this case, a forensic audit was conducted after LIC’s complaint. There have been many revelations in the audit report of BDO India LLP released on 15 October 2020…
- Misuse of funds: The company used the money raised from banks and financial institutions for other purposes instead of its original purpose.
- Use of Shell Companies: Many subsidiaries and shell (fake) companies were used to divert funds.
- Fake Billing: Sale invoice financing was misused and money was withdrawn through fake bills.
- Paper debtor: The company created fake debtors and receivables to make its balance sheet look better and later wrote-off them.
RCom inflated the value of properties
According to the audit report, RCom had grossly overstated the value of its assets. In fact, there was no connection between those properties and the loans taken against them. CBI says that due to this fraud, LIC has suffered a loss of more than ₹ 3,750 crore.
Three other cases registered against Anil Ambani
- IDBI Bank Case: Allegation of fraud of ₹ 600 crore from the bank by ignoring the rules in the case related to Dish TV.
- Yes Bank Fraud: ED investigation into allegations of giving bribe to Rana Kapoor’s family in exchange for loan of ₹12,800 crore taken from Yes Bank.
- SBI-Union Bank Case: A case has been registered against RCom and Reliance Telecom for diverting loan funds and fraudulent transactions.
What are Non-Convertible Debentures (NCDs)?
It is a type of loan instrument which companies issue to raise money from the public or institutions. Those who invest in this get interest at a fixed rate. These cannot be converted into shares, hence they are called ‘non-convertible’.
Read this news also…
Anil Ambani interrogated for 6 hours at CBI headquarters for the second day: SBI fraud case of ₹2,929 crore; There were questions and answers for 8 hours on the first day
Anil Ambani reached the CBI headquarters in Delhi for the second day of questioning on Friday (March 20) in the Rs 2,929 crore bank fraud case related to Reliance Communications Limited i.e. RCOM. The investigating officers questioned him for about 6 hours today. He reached CBI headquarters at 10 am and left from there at 5.15 pm.
Earlier on Thursday also he was interrogated for about 8 hours. This entire action is being taken on the basis of the FIR registered on the complaint of SBI. CBI has registered this criminal case against Reliance Communications Limited, Anil Ambani and some unknown public servants. Read the full news…
