Now Reading: ED charges Reliance Communications, Infra in Rs 40,000 crore fraud
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ED charges Reliance Communications, Infra in Rs 40,000 crore fraud
The Enforcement Directorate filed two chargesheets against Reliance Communications (RCom) and Reliance Infrastructure Ltd on Saturday before a special court in New Delhi. The agency accused the companies and their directors, Gautam…
The Story in Brief
The Enforcement Directorate filed two chargesheets against Reliance Communications (RCom) and Reliance Infrastructure Ltd on Saturday before a special court in New Delhi. The agency accused the companies and their directors, Gautam Doshi, Sateesh Seth, Amitabh Jhunjhunwala, of money laundering and defrauding banks of over Rs 40,000 crore.
According to the chargesheet against RCom, the proceeds of crime amount to Rs 40,186 crore, the outstanding sum defaulted to a consortium of banks. ED also alleged that Rs 187 crore was siphoned off from four NHAI toll-road projects through fictitious sub-contracting. The agency sought confiscation of properties worth Rs 8,078 crore attached earlier, including assets of Anil Ambani.
The Indian Opinion
The ED’s chargesheets put the spotlight back on corporate loan defaults and the gap between promoter promises and bank recoveries. Some narratives paint this as a vendetta against one business group, but the agency has laid out specific allegations of fund diversion through shell entities and diamond traders. The test will be whether the special court accepts the Rs 40,186 crore figure as the proceeds of crime and how much of the attached assets are ultimately confiscated.
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
