New Delhi, July 18:
The Central Bureau of Investigation (CBI) on Saturday carried out coordinated searches at 15 locations in Mumbai and Delhi in connection with ongoing investigations into alleged financial irregularities involving Reliance Commercial Finance Ltd. (RCFL) and Reliance Home Finance Ltd. (RHFL), both companies of the Reliance ADA Group led by Anil D. Ambani.
According to an official CBI press release, the searches covered 23 interlinked entities allegedly associated with the Reliance ADA Group. Investigators suspect that these entities were used as conduits to divert bank funds borrowed by RCFL and RHFL to other group companies, resulting in wrongful losses to lending banks.
The agency also conducted searches at the premises of three former senior officials, including the former Chief Financial Officer (CFO) of RHFL, the former Secretarial Head of the Reliance ADA Group, and the former Chief Treasury Consultant of RHFL.
The CBI said the searches were conducted on the basis of search warrants issued by the Special Judge for CBI Cases, Mumbai. During the operation, investigators seized incriminating documents, while further investigation into the matter is underway.
The agency recalled that it has already registered seven FIRs against Reliance Communications Ltd. (RCom), Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL), and Reliance Telecom Ltd. (RTL) based on complaints received from various Public Sector Banks (PSBs) and the Life Insurance Corporation of India (LIC).
According to the CBI, the total alleged loss to PSBs and LIC in these seven cases is estimated at around ₹27,337 crore.
The investigating agency further stated that it has previously conducted searches at 38 locations, filed four charge sheets, and arrested seven accused persons in connection with the Reliance ADA Group cases. All the arrested accused are presently in judicial custody.
The CBI added that the investigation is being monitored by the Supreme Court of India and reaffirmed its commitment to carrying out a comprehensive and expeditious investigation into the alleged bank fraud cases.(KNC)