The Central Bureau of Investigation (CBI) on Saturday carried out searches at 15 locations across Mumbai and Delhi as part of its ongoing investigation into alleged financial irregularities involving Reliance ADA Group companies Reliance Commercial Finance Ltd. (RCFL) and Reliance Home Finance Ltd. (RHFL).
According to the CBI, the searches covered 23 interlinked entities allegedly associated with the Reliance ADA Group that were used as conduits to divert funds borrowed by RCFL and RHFL to other group companies, resulting in alleged wrongful losses to lending public sector banks.
The agency also searched the premises of the former Chief Financial Officer (CFO) of RHFL, the former Secretarial Head of the Reliance ADA Group, and the former Chief Treasury Consultant of RHFL.
The searches were conducted under warrants issued by the Special Judge for CBI Cases in Mumbai. Investigators seized several incriminating documents during the operation, and further investigation is underway.
The latest action is part of a broader CBI probe into multiple Reliance ADA Group companies. The agency has so far registered seven FIRs involving Reliance Communications Ltd. (RCom), Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL), and Reliance Telecom Ltd. (RTL) based on complaints from various public sector banks and the Life Insurance Corporation of India (LIC).
According to the CBI, the total alleged loss to public sector banks and LIC across these seven cases is approximately ₹27,337 crore.
The agency said it has previously conducted searches at 38 locations, filed four chargesheets, and arrested seven accused in connection with the Reliance ADA Group investigations. All seven accused are currently in judicial custody.
The investigation is being monitored by the Supreme Court, with the CBI stating that it remains committed to conducting a speedy and comprehensive probe into the alleged financial fraud.
