MUMBAI: The Reserve Bank of India (RBI) has initiated insolvency proceedings against fraud-hit Aviom India Housing Finance, appointing a three-member advisory committee to assist former Punjab National Bank chief general manager Ram Kumar who was named as the administrator to the company on Monday.Former State Bank of India chief general manager Paritosh Tripathi, former Bank of Baroda CGM and administrator of the bankruptcy Srei companies Rajneesh Sharma and former PNB Housing Finance CEO Sanjaya Gupta have been appointed as advisors to assist Kumar during the corporate insolvency resolution process, RBI said in a press release.In its November 26 edition, ET reported that Aviom had informed its lenders about potential delays in payments after fraudulent transactions were uncovered in its financial records.In a letter to its lenders, Aviom revealed that the housing finance regulator National Housing Bank had initiated a third-party forensic audit following findings during a regular on-site inspection, which showed that mutual fund account statements appeared to be manipulated.The fraudulent transactions had affected Aviom's cash flows impacting its repayment capabilities, ET had reported.The housing finance company, founded by Kajal Ilmi, had built a loan book of Rs 1,752 crore by the end of March 2024 and catered to underserved masses with a focus on women borrowers.The company had confirmed that it had engaged independent agencies to audit and investigate the matter and was evaluating options to address liquidity requirements should the need arise. The company had also informed lenders that the statutory auditor, SN Dhawan & Co LLP, had alleged certain irregularities.