CBI raids 17 Mumbai locations linked to Anil Ambani-led Reliance Group

The Central Bureau of Investigation on Saturday conducted searches at 17 locations in Mumbai in connection with three cases involving companies linked to the Anil Ambani-led Reliance ADA Group.

According to the CBI, the cases relate to Reliance Telecom Ltd, Reliance Commercial Finance Ltd, Reliance Home Finance Ltd, and their directors.

The agency said the searches were carried out at the residential premises of company directors as well as offices of intermediary firms allegedly used to divert bank funds.

The raids were conducted on the basis of search warrants issued on May 8 by a special CBI court in Mumbai.

In a statement, the CBI said the searches led to the seizure of incriminating documents. Investigators also found that several intermediary companies were operating from the same address. “The investigation is continuing,” the agency said.

The CBI has registered seven cases against the Reliance Group in recent months based on complaints filed by public sector banks and LIC over alleged fraud involving thousands of crores of rupees.

According to the agency, the total alleged loss in these cases amounts to Rs 27,337 crore.

The CBI had earlier conducted searches at 14 locations soon after registering the cases.

Two senior Reliance Communications executives, Joint President D Vishwanath and Vice President Anil Kalya, were arrested on April 20 in connection with the investigation.

The agency alleged that Vishwanath oversaw the group’s banking operations while Kalya assisted in fund utilisation and payment management.

Both executives are currently in judicial custody.

The CBI also said the investigation into the cases involving the Anil Ambani-led Reliance Group is being monitored by the Supreme Court.