Mumbai EOW Registers Fresh ₹150 Crore Fraud Case Against Anil Ambani-Linked Firms
Mumbai Police’s EOW has registered a fresh FIR against former directors and officials linked to the ADAG group over an alleged ₹150 crore bank loan fraud. Based on an Axis Bank complaint, the accused allegedly diverted loan funds, submitted forged documents, and misrepresented RHFL’s finances between 2010 and 2019, causing major financial losses to the bank.
Mumbai EOW Registers Fresh ₹150 Crore Fraud Case Against Anil Ambani-Linked Firms | file pic
Mumbai: The Economic Offences Wing (EOW) of Mumbai Police on Monday registered a fresh case of alleged cheating, criminal breach of trust, and criminal conspiracy against former directors and officials of companies linked to the Anil Dhirubhai Ambani Group (ADAG).
According to police officials, the accused allegedly obtained a bank loan of ₹150 crore and later diverted the funds for purposes other than those for which the loan was sanctioned, eventually defaulting on repayment. This is the second FIR registered following a complaint filed by Axis Bank against companies associated with the ADAG group.
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An EOW source said the latest case was registered at Cuffe Parade Police Station on the complaint of Prakash Prabhakar Rao, Vice-President of Axis Bank. Rao had earlier lodged another FIR in March this year against several ADAG-linked firms and their directors on similar allegations.
The FIR names the then whole-time director of Reliance Home Finance Limited (RHFL), former directors of beneficiary companies within the ADAG group, and other concerned company officials.
Police officers said the alleged offence took place between January 2010 and November 2019. Investigators suspect that the accused, in connivance with former directors of the company, entered into a criminal conspiracy to defraud the complainant bank and cause wrongful financial loss.
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According to police sources, the accused allegedly submitted forged documents, furnished false financial information, and made misleading disclosures regarding the financial condition of RHFL to secure the loans. The funds were then allegedly diverted to accounts of other affiliated group companies.
Officials further said that the EOW is examining the financial trail and the role of various company officials in the alleged diversion of funds. Earlier, on March 12 this year, the EOW had registered another case on similar grounds against companies linked to the Anil Ambani group.
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