The Central Bureau of Investigation (CBI) on Saturday conducted searches at 17 locations in Mumbai in connection with three cases registered against Reliance ADA Group companies, including Reliance Telecom Limited, Reliance Commercial Finance Limited, and Reliance Home Finance Limited, as well as their directors.
Details of the Searches
According to the CBI, the searches were carried out at the residential premises of directors of the companies and offices of intermediary firms allegedly used for diversion of bank funds. The searches were conducted based on warrants issued on May 8 by a special CBI court in Mumbai.
Seizure of Documents
The agency stated that incriminating documents were seized during the searches. Investigators also found that multiple intermediary companies were allegedly operating from the same address.
Background of the Cases
The CBI had registered seven cases against the Anil Ambani-led Reliance Group in recent months, based on complaints filed by various public sector banks and Life Insurance Corporation of India (LIC) in connection with alleged frauds involving thousands of crores of rupees. The total alleged loss in these cases is Rs 27,337 crore, according to the CBI.
Previous Actions
The CBI had earlier conducted searches at 14 locations after registering the cases. Two senior executives of Reliance Communications, D Vishwanath (joint president) and Anil Kalya (vice president), were arrested on April 20 in connection with the investigation. Both are currently in judicial custody.
Supreme Court Monitoring
The CBI said the investigation into the cases is being monitored by the Supreme Court.
