A big fraud of Rs.150 crore has been reported in Axis Bank. As per reports, the fraud was conducted by Anil D. Ambani’s group company Reliance Home Finance (RHFL).
According to an ANI report, Mumbai Police have registered a case against a former director of Reliance Home Finance in connection with an alleged fraud of nearly ₹150 crore involving Axis Bank.
Axis Bank officials have alleged that Reliance Home Finance obtained loans by using forged and misleading documents.
The company allegedly presented its financial position as strong and stable to secure loans from Axis Bank. However, officials claimed that false documents were used during the loan process to obtain financial assistance.
Investigators also alleged that instead of using the loan amount for its intended purpose, Reliance Home Finance diverted the funds to invest in other companies.
“Axis Bank officials told the police that Reliance Home Finance defrauded Axis Bank of nearly ₹150 crore by using false documents,” Mumbai Police said.
This development has added to the ongoing legal troubles surrounding companies of the Reliance ADA Group.
Recently, India’s public sector banks including SBI had declared the accounts of Anil Ambani’s Reliance Communications as Fraud.
The Central Bureau of Investigation (CBI) recently conducted searches at seven locations in Mumbai, Gurugram, and Bengaluru.
The searches were carried out at the residences of former CEOs, CFOs, and directors who served between 2015 and 2017. During the searches, investigating agencies seized several incriminating documents.
Two senior executives of Reliance Communications, D. Vishwanath and Anil Kalya, were also arrested in April in connection with the ongoing investigation. They are currently in judicial custody.
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