CBI files fresh FIR against Anil, RCom on LIC complaint alleging 3.7k cr loss

NEW DELHI: The Central Bureau of Investigation (CBI) has filed a fresh FIR against Anil Ambani and Reliance Communications, besides some yet-to-be-identified bank officials, on an LIC complaint alleging wrongful loss of Rs 3,750 crore.

The case was registered on April 1 for offences of conspiracy, cheating, misappropriation and offences under the Prevention of Corruption Act.

"It has been alleged that the LIC was fraudulently induced to subscribe to Non Convertible Debentures (NCDs) worth Rs 4,500 crore based on false representations made by M/s Reliance Communications Ltd and its management regarding the financial health of the company, and security and asset cover offered to LIC while subscribing to NCDs," the CBI said in a statement.

LIC and CBI claimed that they filed a complaint on the basis of a forensic audit report dated October 15, 2020, which alleged that RCOM and its management had resorted to the misuse of funds raised from banks and financial institutions and routed funds through subsidiaries.

It also claimed misuse of sale invoice financing, discounting of fictitious bills, systematic siphoning of funds through inter-company deposits/shell related entities, creating and writing off of fictitious debtors and receivables and gross overstatement of security.

This is the fourth FIR against Anil Ambani by the CBI. It had earlier registered three cases against him and Reliance Communications.