CBI raids 15 premises in Delhi, Mumbai in Reliance ADA bank fraud probe
The searches cover 23 interlinked entities associated with the Reliance ADA Group
The Central Bureau of Investigation (CBI) on Saturday conducted searches at 15 premises across Delhi and Mumbai 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.
The searches covered 23 interlinked entities associated with the Reliance ADA Group that were allegedly used as conduit to diverst bank funds borrowed by RCFL and RHFL to other Reliance ADA Group companies, thereby causing wrongful loss to the lending banks.
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 searches resulted in the seizure of incriminating documents, and further investigation is continuing, sources informed.
It may be recalled that the CBI has registered seven FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (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 approximately Rs 27,337 crore.
The CBI had earlier conducted searches at 38 locations, filed four chargesheets and arrested seven accused persons in the Reliance ADA Group cases.
All the accused persons are presently in judicial custody.
The investigation in these cases is being monitored by the Supreme Court.
