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, namely M/s Reliance Telecom Ltd, M/s Reliance Commercial Finance Ltd, and M/s Reliance Home Finance Ltd, and their directors.
These searches are being conducted at the residential premises of directors of the above-mentioned companies, as well as at the office premises of intermediary companies whose accounts were used for the diversion of bank funds.
The searches are being held on the strength of search warrants issued on May 8 by the special judge for CBI cases, Mumbai, and have resulted in the seizure of incriminating documents.
Searches have also revealed that multiple intermediary companies were operating from the same address. The investigation is continuing.
It may be recalled that the CBI, during the last few months, has registered seven cases against the Anil Ambani-led Reliance Group based on complaints lodged by various Public Sector Banks and LIC in connection with alleged frauds involving thousands of crores of rupees.
The total quantum of alleged loss in these cases is Rs. 27,337 crores.
The CBI had earlier conducted searches at 14 locations in the last few months, immediately after the registration of these cases.
Two senior executives of RCom, namely D Vishwanath, Joint President of M/s Reliance Communications, who was overall in charge of banking operations of the Group, and Anil Kalya, Vice President, who had actively supported D Vishwanath in managing banking operations and payments/utilization of funds, were arrested on April 20. Both the accused persons are presently in judicial custody.
The investigation into the cases relating to the Anil Ambani-led Reliance Group is being monitored by the Supreme Court.
