The Central Bureau of Investigation (CBI) FIR in the case against industrialist Anil Ambani, Reliance Communications Ltd (RCom) and others for allegedly defrauding Punjab National Bank (PNB) of Rs1,085 crore has stated that loan amounts received by way of advances from member banks were invested in fixed deposits and mutual funds. These were liquidated immediately and utilised for payments to related parties, which is classified as diversion of funds. This is the third CBI case involving Rcom.
According to the FIR registered on March 5, the complaint was filed by Santoshkrishna Annavarpu, chief manager of PNB’s stressed assets management branch in Mumbai.
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The FIR said the borrower failed to maintain financial discipline, diverted funds and violated sanction terms, after which the account turned irregular and was classified as a non-performing asset in 2017. PNB also told the CBI the account was declared fraudulent in February 2021 after a forensic audit flagged diversion of funds.
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