CBI Registers Case Against Anil Ambani And Reliance Communications For ₹3,750 Crore LIC Fraud
The CBI has registered a case against Anil Ambani, Reliance Communications, and others for allegedly causing a ₹3,750 crore loss to LIC. The agency said LIC was induced to invest ₹4,500 crore in debentures based on false claims. A forensic audit cited fund diversion, fictitious transactions, and misrepresentation of the company’s financial position.
The Central Bureau of Investigation (CBI) has registered a case on Wednesday against M/s. Reliance Communications Ltd, Anil Ambani, unknown public servants and unknown others on allegations of causing wrongful loss of Rs 3750 crores to Life Insurance Corporation (LIC) of India. | File Pic
Mumbai: The Central Bureau of Investigation (CBI) has registered a case on Wednesday against M/s. Reliance Communications Ltd, Anil Ambani, unknown public servants and unknown others on allegations of causing wrongful loss of Rs 3750 crores to Life Insurance Corporation (LIC) of India.
Case Filed on Complaint from LIC Regional Manager
According to the CBI, the case has been registered on the basis of a complaint received from M.K. Tejan, regional manager, LIC of India Ltd. for offences of criminal conspiracy, cheating, misappropriation and offences under Prevention of Corruption Act and Indian Penal Code.
"It is alleged that during the period of 2009 till 2017, LIC was fraudulently induced to subscribe to non convertible debentures (NCDs) worth Rs. 4500 crores on the basis of false representations made by M/s Reliance Communications Ltd. and its management regarding financial health of the company, and security and asset cover offered to LIC while subscribing NCDs," the CBI said in a statement.
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Forensic Audit Report Revealed Misutilization and Siphoning of Funds
"LIC has made this complaint on basis of a forensic audit report dated October 15, 2020 conducted by M/s BDO India LLP, which reported that RCOM and its management had resorted to misutilization of funds raised from banks and financial institutions, routing of funds through subsidiaries, misuse of sale invoice financing, discounting of fictitious bills, systematic siphoning of funds through inter-company deposits/shell related entities, creating and write-off of fictitious debtors and receivables and gross overstatement of security. There was a mismatch between the charges and the assets," the statement further added.
CBI had earlier registered three cases against M/s. Reliance Communications Ltd, Anil Ambani, and others on allegations of defrauding a number of banks. This case is for defrauding the LIC, officials said.
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