The Central Bureau of Investigation has carried out searches at 15 locations across Mumbai and Delhi as part of its ongoing investigation into alleged financial irregularities involving companies of the Reliance ADA Group led by Anil D. Ambani.
According to a CBI statement on Saturday, the searches are linked to cases registered against Reliance Commercial Finance Ltd. (RCFL) and Reliance Home Finance Ltd. (RHFL).
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Investigators searched 23 interconnected entities allegedly associated with the group, which are suspected of acting as conduits for diverting bank funds borrowed by RCFL and RHFL to other Reliance ADA Group companies. The agency alleged that the diversion of funds resulted in significant losses to lending banks.
Besides corporate entities, the searches also covered the premises of three individuals, including the former Chief Financial Officer of RHFL, the former Secretarial Head of the Reliance ADA Group, and the former Chief Treasury Consultant of RHFL.
The CBI said the searches were conducted under warrants issued by the Special Judge for CBI Cases in Mumbai. Officials seized documents described as incriminating, while further investigation is underway.
The agency recalled that it has registered seven FIRs against Reliance Communications Ltd. (RCom), RHFL, RCFL and Reliance Telecom Ltd. (RTL) based on complaints filed by public sector banks and Life Insurance Corporation of India (LIC).
According to the CBI, the total alleged loss to public sector banks and LIC across the seven cases is around Rs 27,337 crore.
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The agency said it had earlier searched 38 locations, filed four charge sheets and arrested seven accused, all of whom are currently in judicial custody. The investigation is being monitored by the Supreme Court, the CBI added.
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