The Central Bureau of Investigation (CBI) conducted searches at 17 locations in Mumbai on Saturday as part of an investigation into three cases involving Reliance ADA Group companies: Reliance Telecom Limited, Reliance Commercial Finance Limited, and Reliance Home Finance Limited, along with their directors.
The searches targeted the residential properties of the companies’ directors and the offices of intermediary firms believed to have facilitated the alleged diversion of bank funds. These operations were initiated based on warrants issued by a special CBI court in Mumbai on May 8.
During the searches, the CBI claimed to have seized incriminating documents. Investigators noted that multiple intermediary firms appeared to be operating from the same address.
The agency reported that it has registered seven cases against the Anil Ambani-led Reliance Group in recent months, stemming from complaints filed by various public sector banks and the Life Insurance Corporation (LIC). These cases involve alleged frauds amounting to a total of Rs 27,337 crore.
Earlier, the CBI had also conducted searches at 14 locations following the registration of these cases. On April 20, two senior executives of Reliance Communications—D Vishwanath, joint president, and Anil Kalya, vice president—were arrested in connection with the investigations and remain in judicial custody.
The ongoing investigation is reportedly being monitored by the Supreme Court.
