The Central Bureau of Investigation (CBI) on Saturday conducted searches at 17 premises in Mumbai linked to companies of the Anil Ambani-led Reliance ADA Group and their directors in connection with alleged bank fraud cases involving thousands of crores of rupees.
The searches relate to three cases registered against Reliance ADA Group companies, including Reliance Telecom, Reliance Commercial Finance and Reliance Home Finance, along with their directors.
According to officials, the searches were conducted at residential premises of directors of the companies as well as office locations of intermediary entities allegedly used for diversion of bank funds. The action was carried out on the basis of search warrants issued on May 8 by the Special Judge for CBI cases in Mumbai.
The agency said the searches led to the seizure of incriminating documents. Investigators also found that several intermediary companies were operating from the same address, officials said, adding that further investigation is underway. The CBI has, over the past few months, registered seven cases against companies of the Anil Ambani-led Reliance Group based on complaints filed by various public sector banks and Life Insurance Corporation of India (LIC) in connection with alleged fraud.
According to the agency, the total alleged loss in these cases stands at Rs 27,337 crore. The CBI had earlier conducted searches at 14 locations soon after the registration of these cases. Two senior executives of Reliance Communications, D Vishwanath, Joint President responsible for banking operations of the group, and Anil Kalya, Vice President, were arrested on April 20. Both are currently in judicial custody. The investigation into the cases involving the Reliance Group is being monitored by the Supreme Court. |
