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 Ltd, Reliance Commercial Finance Ltd and Reliance Home Finance Ltd — and their directors.
The searches were carried out at the residential premises of the directors concerned and the offices of intermediary companies whose accounts were allegedly used to divert bank funds.
The searches were conducted on the basis of warrants issued on May 8 by the Special Judge for CBI cases, Mumbai, and led to the seizure of incriminating documents.
Officials said the searches also revealed that several intermediary companies were operating from the same address. The investigation is continuing.
Over the past few months, the CBI has registered seven cases against the Anil Ambani-led Reliance Group on complaints filed by various public sector banks and LIC in connection with alleged frauds involving thousands of crores of rupees.
The total alleged loss in these cases stands at Rs 27,337 crore.
Earlier, the CBI had conducted searches at 14 locations soon after the registration of these cases.
Two senior RCom executives, D Vishwanath, joint president of Reliance Communications, who was overall in charge of the group’s banking operations, and Anil Kalya, vice-president, who allegedly supported him in managing banking operations and payments/utilisation of funds, were arrested on April 20. Both are currently in judicial custody.
The investigation into the cases related to the Anil Ambani-led Reliance Group is being monitored by the Supreme Court.
