A case of fraud and criminal conspiracy has been registered against the then directors of companies associated with the Anil Ambani Group. The Economic Offenses Wing of Mumbai Police has registered this case at Cuffe Parade Police Station. The accused are alleged to have taken a loan of 150 crore rupees from the bank, transferred it to other uses, and defaulted. Case registered on Axis Bank’s complaint According to EOW sources, this action was taken on the complaint of Prakash Prabhakar Rao, Vice President of Axis Bank. The bank states that the accused conspired with the intention of causing financial loss to the bank and committing fraud. This is the second FIR registered against companies associated with the Anil Dhirubhai Ambani Group (ADAG) based on Axis Bank’s complaint. Case between January 2010 and November 2019 This case is from January 2010 to November 2019. During this period, the then Whole-Time Director of Reliance Home Finance Limited (RHFL), the then directors of the beneficiary companies of ADAG Group, and the concerned officials of the group together executed this conspiracy. Loan obtained by submitting fake documents and diverted Police sources said that to get the loan sanctioned, the accused submitted fake documents and provided false information to the bank. They also gave misleading information regarding RHFL’s financial status. When the bank released a loan of Rs 150 crore, the accused diverted that money to the bank accounts of other companies associated with their own group and later did not repay the loan. First FIR was registered on March 12 this year This is the second major action against companies associated with Anil Ambani, based on a complaint by Axis Bank. Earlier this year, on March 12, the EOW had registered the first FIR against companies associated with Anil Ambani and several of their directors on similar grounds. Vice President Prakash Prabhakar Rao had also filed a complaint in March, following which the police have now proceeded with action in this second case. Knowledge Part: What is EOW and Loan Diversion?