ED chargesheets against RCom, Reliance Infra in 40k crore bank fraud
The Enforcement Directorate has formally charged Reliance Communications and Reliance Infrastructure with serious financial offenses, including money laundering involving over forty thousand crore rupees in misappropriated bank funds. The allegations indicate substantial financial misconduct by both companies and related individuals. The agency is pursuing the confiscation of properties worth…
India's Economic Intelligence Agency (ED) has filed charges against Reliance Communications (RCom) and Reliance Infrastructure Ltd for a Rs 40,000 crore bank fraud, naming four individuals and the Anil Ambani-led Reliance Group. The ED alleges that proceeds of crime amounting to Rs 40,186 crore were misused, with the accused involved in raising, deployment, concealment, and projection of the funds.
In the case of RCom, the ED claims that the entity defaulted on a Rs 40,186 crore sum to a consortium of banks and financial institutions. The chargesheet also alleges that the accused diverted public funds from four NHAI-awarded toll-road projects, totaling Rs 187 crore, through fictitious sub-contracting work and the use of shell entities and diamond traders.
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