CBI Conducts Searches at 17 Premises in Mumbai in Reliance ADA Group Probe

The Central Bureau of Investigation (CBI) on Saturday conducted searches at 17 premises in Mumbai in connection with three cases registered against Reliance ADA Group companies Reliance Telecom Limited, Reliance Commercial Finance Limited, and Reliance Home Finance Limited, and their directors. The searches were carried out at the residential premises of directors and office premises of intermediary companies whose accounts were used for diversion of bank funds, a CBI spokesperson said.

The CBI got a search warrant issued from a special court in Mumbai on Friday, and the searches led to the seizure of incriminating documents, officials said. The total quantum of the alleged loss suffered by banks and the Life Insurance Company (LIC) of India in these cases is ₹27,337 crore.

The federal agency has lodged seven cases against the Anil Ambani-led Reliance Group based on complaints from various public sector banks and the LIC in connection with alleged frauds involving thousands of crores of rupees. The CBI had conducted searches at 14 locations in the last few months and arrested two senior executives of RCom on April 24.

The investigation into the cases relating to the Anil Ambani-led Reliance Group is being monitored by the Supreme Court. The CBI will continue its investigation, and the next steps will depend on the outcome of the ongoing probe, with the Supreme Court set to review the progress of the case.