The Central Bureau of Investigation (CBI) carried out searches at 15 locations in Mumbai and New Delhi related to cases involving Reliance Commercial Finance Ltd. (RCFL) and Reliance Home Finance Ltd. (RHFL), both companies under the Reliance ADA Group led by Anil D. Ambani. These searches targeted 23 interconnected entities associated with the group, suspected of being used to divert bank funds borrowed by RCFL and RHFL to other group companies, resulting in financial harm to the lending banks.
The search operations also extended to the residences of three individuals, including the former CFO of RHFL, the former Secretarial Head of the Reliance ADA Group, and the former Chief Treasury Consultant of RHFL. The CBI conducted these searches based on search warrants issued by the Special Judge for CBI Cases in Mumbai.
During the searches, the CBI seized significant documents, indicating potential wrongdoing. The investigation is ongoing as the agency delves deeper into the matter. The CBI has filed seven FIRs against various companies under the Reliance ADA Group, including Reliance Communications Ltd. (RCom), RHFL, RCFL, and Reliance Telecom Ltd. (RTL), following complaints from public sector banks and the Life Insurance Corporation of India (LIC).
Allegedly, the total financial loss incurred by public sector banks and LIC in these seven cases amounts to approximately Rs 27,337 crore. The CBI has previously conducted searches at 38 locations, filed four chargesheets, and arrested seven individuals in connection with the Reliance ADA Group cases. All the accused are presently in judicial custody. The Supreme Court is overseeing the investigation in these cases, and the CBI has reaffirmed its dedication to conducting a prompt and thorough probe.
