Business
Corporate Loan Fraud Case Registered at Cuffe Parade Police Station
A case has been registered at Cuffe Parade Police Station against a former director of Reliance Home Finance over allegations of obtaining loans from Axis Bank using false documents and allegedly diverting funds worth around ₹150 crore.
Mumbai Police has registered a case against a former director of Reliance Home Finance, a company linked to businessman Anil Ambani, in connection with an alleged financial fraud involving approximately ₹150 crore.
According to police officials, the FIR was lodged at Cuffe Parade Police Station following a complaint filed by officials of Axis Bank.
The complaint alleges that Reliance Home Finance projected a strong financial position to secure loans from Axis Bank and used allegedly false documents during the loan approval process.
Axis Bank officials further claimed that instead of utilising the loan amount for the stated purpose, the funds were allegedly diverted and invested into other companies.
Police said the alleged misuse of documents and diversion of funds caused financial losses of around ₹150 crore to the bank.
An investigation has now been initiated to examine the alleged financial irregularities, the role of company officials and the movement of the loaned funds. Authorities are expected to scrutinise financial records and related transactions as part of the probe.
