CBI searches 15 locations in RCFL, RHFL cases over alleged Rs 27,337 crore bank fraud

The CBI conducted searches at 15 locations in Delhi and Mumbai in connection with cases against Reliance Commercial Finance Ltd. and Reliance Home Finance Ltd. The agency alleged diversion of borrowed bank funds through linked entities, causing losses of about ₹27,337 crore

New Delhi: The CBI on Saturday conducted searches at 15 premises in Delhi and Mumbai in connection with cases registered against Reliance Commercial Finance Ltd. (RCFL) and Reliance Home Finance Ltd. (RHFL), officials said.

The searches covered 23 interlinked entities associated with the Reliance ADA Group, led by Anil Ambani, the agency spokesperson said in a statement.

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These premises are located in two cities – Mumbai and Delhi. “The interlinked entities associated with the… group were allegedly used as conduit for the diversion of bank funds borrowed by RCFL and RHFL to other Reliance ADA Group companies, thereby causing wrongful loss to the lending banks,” the spokesperson said.

The searches were conducted after securing warrants from a special court in Mumbai. The searches 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,” it said.

The CBI has registered seven FIRs against Reliance Communications Limited (RCom), RHFL, RCFL and Reliance Telecom Limited (RTL) on the basis of complaints received from various public sector banks and LIC. “The total alleged loss to PSBs/LIC in these seven cases is approx. Rs. 27,337 crore. The CBI has earlier conducted searches at 38 locations, filed four chargesheets and arrested seven accused persons in the Reliance ADA Group cases,” the statement said.