The Economic Offences Wing (EOW) of Mumbai police on Monday registered a case of cheating, criminal breach of trust by a public servant, or by a banker, merchant or agent, and criminal conspiracy against the then directors of companies linked to Anil Ambani. The accused allegedly availed a bank loan amounting to Rs 150 crore, diverted it for other purposes, and subsequently defaulted on the repayment. This marks the second First Information Report (FIR) filed based on a complaint by Axis Bank against entities associated with the Anil Dhirubhai Ambani Group (ADAG).
Details of the Case
An EOW source confirmed that the case was registered at the Cuffe Parade police station following a complaint lodged by Prakash Prabhakar Rao, Vice-President of Axis Bank. Earlier in March, Rao had filed another FIR against several Anil Ambani-linked companies and their directors. The latest FIR targets the then whole-time director of Reliance Home Finance Limited (RHFL), along with directors of beneficiary companies within the ADAG group and other concerned company officials.
Timeline and Allegations
Police officers stated that the alleged crime occurred between January 2010 and November 2019. Sources indicated that the accused, in collusion with the then-directors of RHFL, hatched a criminal conspiracy with the intention to defraud Axis Bank and cause it financial loss. To secure the loans, the accused submitted forged documents, provided false information, and made misleading disclosures regarding the financial health of RHFL. The funds were subsequently diverted to other company accounts affiliated with the ADAG group.
On March 12 of this year, the EOW had already filed a case on similar grounds against companies linked to Anil Ambani. The repeated legal actions underscore the seriousness of the allegations involving large-scale financial irregularities.
