CBI Investigates Alleged Rs. 27,337 Crore Fraud against Anil Ambani-led Reliance Group

The Central Bureau of Investigation (CBI) on Saturday conducted searches at 17 premises in Mumbai in connection with three cases registered against Anil Ambani-led Reliance ADA Group companies over alleged diversion of bank funds and financial irregularities involving thousands of crores of rupees. The searches were carried out against Reliance Telecom Ltd., Reliance Commercial Finance Ltd., Reliance Home Finance Ltd., and their directors.

According to the CBI, the searches were conducted at the residential premises of directors as well as the office premises of intermediary companies allegedly used for diversion and routing of bank funds. The agency stated that the searches were undertaken pursuant to search warrants issued on May 8 by the special judge for CBI cases, Mumbai, resulting in seizure of incriminating documents.

The agency further stated that searches revealed multiple intermediary entities were operating from the same address, indicating possible use of connected entities for routing transactions.

The CBI stated that it had registered seven cases against the Anil Ambani led Reliance Group over the last few months based on complaints lodged by various Public Sector Banks and LIC in relation to alleged frauds involving approximately Rs. 27,337 crore.

The agency had earlier conducted searches at 14 locations immediately after registration of the FIRs. It also referred to the arrest of two senior executives of Reliance Communications, D. Vishwanath, Joint President overseeing banking operations of the Group, and Anil Kalya, Vice President involved in fund utilisation and banking operations  on April 20.

The CBI stated that both accused are presently in judicial custody and the investigation relating to the Reliance Group cases is being monitored by the Supreme Court.