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• Central Bureau of Investigation conducted searches across 17 premises in Mumbai as part of investigations involving Reliance Telecom Limited, Reliance Commercial Finance Limited and Reliance Home Finance Limited.
• The searches relate to alleged diversion of bank funds and complaints filed by public sector banks and Life Insurance Corporation of India.
• According to the agency, the alleged financial exposure across the cases under investigation stands at around INR 27,337 crore.
• The searches covered residential premises of company directors and offices of intermediary entities allegedly linked to fund diversion in cases associated with the Reliance ADA Group led by Anil Ambani.
Central Bureau of Investigation conducted searches at 17 locations in Mumbai earlier this week in connection with investigations involving companies associated with the Reliance ADA Group over alleged diversion of bank funds and financial irregularities. Advertisement
According to the agency, the searches relate to three registered cases involving Reliance Telecom Limited, Reliance Commercial Finance Limited and Reliance Home Finance Limited.
The CBI stated that the searches were carried out at residential premises linked to directors of the companies as well as office locations of intermediary entities whose accounts were allegedly used for diversion of funds obtained from banks and financial institutions.
The agency said it had secured search warrants from a special court in Mumbai prior to conducting the operation. According to officials, the searches resulted in the seizure of documents considered relevant to the ongoing investigation.
The CBI stated that the total alleged loss suffered by public sector banks and Life Insurance Corporation of India across the investigated cases amounted to approximately INR 27,337 crore.
Investigators further stated that preliminary findings indicated multiple intermediary companies were allegedly operating from common addresses. The agency noted that investigations into the transactions and fund movement patterns remain ongoing.
The cases form part of a broader investigation into companies linked to the Reliance ADA Group led by Anil Ambani. According to the CBI, seven separate cases have been registered based on complaints received from public sector banks and LIC regarding alleged financial fraud involving loans and fund utilisation.
The agency had earlier conducted searches across 14 locations in connection with the same investigations following registration of the cases.
Earlier this year, the CBI also arrested D Vishwanath and Anil Kalya in relation to the investigations. According to the agency, the two former executives were responsible for banking operations, fund management and utilisation oversight within the group. Officials stated that both individuals remain in judicial custody.
The CBI further stated that the investigation relating to the Reliance Group cases is currently being monitored by the Supreme Court of India.
Source - PTI
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