FIR filed against ADAG companies on Axis complaint

Mumbai: The Mumbai Police have registered a case based on a complaint by Axis Bank against Reliance Commercial Finance Limited (RCFL), Reliance Infrastructure Ltd, Reliance Power Ltd and promoters of the Anil Dhirubhai Ambani Group (ADAG), alleging financial irregularities and diversion of funds.

The city police had earlier initiated a preliminary enquiry (PE) into the matter, which has now been converted into a formal FIR. The case has been registered under provisions relating to cheating, criminal breach of trust, falsification of accounts and criminal conspiracy under the erstwhile IPC.

While the bank has quantified the amount involved at ₹38.95 crore, representing the principal sacrifice under the resolution plan implemented for RCFL, the police are probing transactions worth over ₹1,800 crore flagged in a forensic audit conducted by Grant Thornton India LLP.


Axis Bank and ADAG could not be reached immediately for comment.