CBI conducts searches at 17 Mumbai premises linked to Reliance ADA Group

The CBI conducted searches at 17 premises in Mumbai in connection with cases registered against Reliance ADA Group companies over alleged bank fraud. Investigators seized incriminating documents and said multiple intermediary firms were found operating from the same address

Mumbai: The Central Bureau of Investigation (CBI) on Saturday said it has conducted searches at 17 premises in Mumbai in connection with three cases registered against Anil Ambani-led Reliance ADA Group companies — Reliance Telecom Ltd, Reliance Commercial Finance Ltd, Reliance Home Finance Ltd and their Directors.

According to a CBI statement, these searches are “being conducted at the residential premises of Directors of the above-mentioned companies as well as at the office premises of intermediary companies whose accounts were used for diversion of bank funds”.

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The statement further stated that searches are conducted on the strength of Search Warrants, dated May 8, issued by the Special Judge for CBI cases, Mumbai, and have resulted in the seizure of incriminating documents.

“Searches have also revealed that multiple intermediary companies were operating from the same address. The investigation is continuing,” according to the CBI.

It may be recalled that the CBI, during the last few months, has registered seven cases against the Anil Ambani-led Reliance Group based on the complaints lodged by various Public Sector Banks and LIC in connection with alleged frauds involving thousands of crores of rupees.

The total quantum of alleged loss in these cases is Rs 27,337 crore.

The CBI earlier conducted searches at 14 locations in the last few months, immediately after registration of these cases.

Two senior executives of RCom, D. Vishwanath, Joint President of Reliance Communications who was overall in-charge of banking operations of the Group, and Anil Kalya, Vice President, who had actively supported Vishwanath in managing banking operations and payments/utilisation of funds, were arrested on April 20.

“Both the accused persons are presently in judicial custody. The investigation into the cases relating to the Anil Ambani-led Reliance Group is being monitored by the Supreme Court,” the CBI statement added.