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

The Central Bureau of Investigation on Saturday conducted searches at 17 locations in Mumbai in connection with three cases registered against companies linked to the Anil Ambani-led Reliance ADA Group. The cases involve Reliance Telecom Ltd, Reliance Commercial Finance Ltd, Reliance Home Finance Ltd and their directors.

According to the investigating agency, the searches were carried out at residential premises of company directors as well as offices of intermediary firms allegedly used for diversion of bank funds. The searches were conducted on the basis of warrants issued by a Special Judge for CBI cases in Mumbai on May 8. During the operation, investigators recovered and seized several documents described as incriminating by the agency.

The investigation also revealed that multiple intermediary companies were allegedly operating from the same address. Officials stated that the probe is continuing and additional financial records and transactions are being examined as part of the investigation into the alleged diversion of funds.

The cases were registered following complaints filed by various public sector banks and the Life Insurance Corporation of India regarding alleged financial fraud involving thousands of crores of rupees. According to the agency, the total alleged loss linked to the cases stands at ₹27,337 crore. The CBI had earlier conducted searches at 14 locations in connection with the same investigation during the past few months.

Earlier this year, two senior executives associated with Reliance Communications, D. Vishwanath and Anil Kalya, were arrested in connection with the investigation. Investigators alleged that the two officials were involved in managing banking operations and utilisation of funds within the group. Both individuals are currently in judicial custody. The agency stated that the ongoing investigation into the Reliance Group-related cases is being monitored by the Supreme Court.