CBI searches 15 locations in Reliance ADA Group cases

The Central Bureau of Investigation (CBI) on Saturday conducted searches at fifteen premises in connection with cases registered against Reliance Commercial Finance Ltd. (RCFL) and Reliance Home Finance Ltd. (RHFL), both Reliance ADA Group companies led by Anil D. Ambani. These premises are located in two cities-Mumbai and Delhi. According to a CBI statement, the searches are linked to cases registered against Reliance Commercial.
Investigators searched 23 interconnected entities allegedly associated with the group, which are suspected of acting as conduits for diverting bank funds borrowed by RCFL and RHFL to other Reliance ADA Group companies. The agency alleged that the diversion of funds resulted in significant losses to lending banks.  Finance Ltd. (RCFL) and Reliance Home Finance Ltd. (RHFL).The search operations also covered the premises of three individuals, namely the former 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 under warrants issued by the Special Judge for CBI Cases in Mumbai. Officials seized documents described as incriminating, while further investigation is underway. The agency has registered seven FIRs against Reliance Communications Ltd. (RCom), RHFL, RCFL and Reliance Telecom Ltd. (RTL) based on complaints filed by public sector banks and Life Insurance Corporation of India (LIC). According to the CBI, the total alleged loss to public sector banks and LIC across the seven cases is around Rs 27,337 crore. The investigation in these cases is being monitored by the Supreme Court. 

(Freelance Journalist)