Mumbai police's economic offences wing books ex-directors of firms linked to Anil Ambani

MUMBAI: Economic offences wing (EOW) of Mumbai police on Monday registered a case of cheating, criminal breach of trust by public servant, or by banker, merchant or agent and criminal conspiracy, against the then directors of Anil Ambani-linked companies. The accused allegedly availed bank loan to the tune of Rs 150 crore, diverted it for other purposes and then defaulted on it.

This is the second FIR registered on complaint by Axis Bank against Anil Dhirubhai Ambani Group (ADAG) linked companies.

An EOW source said the case was registered at Cuffe Parade police station on the complaint of Prakash Prabhakar Rao, vice-president of Axis Bank. Rao had earlier in March filed another FIR against some Anil Ambani-linked companies and its several directors.

The FIR has been registered against the then whole-time director of Reliance Home Finance Limited (RHFL), then directors of beneficiary companies within ADAG group and company officials concerned within ADAG.

Police officers said the crime took place between Jan 2010 and Nov 2019. Sources said the accused persons along with then-directors of the company hatched a criminal conspiracy with the intention to defraud the complainant's bank and cause it financial loss.

Police sources added that in order to procure loans, the accused submitted forged documents, provided false information, and made misleading disclosures regarding the financial status of RHFL. The money was then diverted to other company accounts affiliated with their group.

On March 12 this year, EOW filed a case on similar grounds against Anil Ambani-linked companies.