The difficulties of Anil Dhirbhai Ambani Group (ADAG) companies and former top executives of Reliance Commercial Finance Limited (RCFL) seem to be increasing. Axis Bank Vice President Prakash Prabhakar Rao has filed a serious complaint against these companies and their office bearers on behalf of the bank for fraud and siphoning of funds.
forensic audit
Huge irregularities have been found in the forensic audit of 'Grant Thornton India LLP' led by Bank of Baroda. The loan amount of about Rs 1,867.89 crore was diverted to repay the loans of shell (PILE) companies associated with the ADAG Group without any solid business basis. The audit found that an amount of Rs 1,199.29 crore was diverted back to RCFL through complex transactions and intermediaries to conceal the actual utilisation of the funds.
complaint names top officials of RCFL and Reliance Group
Axis Bank has named the then top officials of RCFL and Reliance Group in its complaint, including Devang Praveen Modi (then CEO, RCFL), Amit Vijay Singh Bafna (then CFO, RCFL), Amitabh Jhunjhunwala (then Vice President, Reliance Capital Limited) besides demanding legal action against Reliance Infrastructure, Reliance Power and the respective promoters.
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