CBI conducts searches at 15 locations in Mumbai, Delhi in Reliance ADA Group cases

New Delhi, July 18 (IANS) The Central Bureau of Investigation (CBI) on Saturday said it conducted searches at 15 premises in Mumbai and here 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.

According to the CBI, the searches covered 23 interlinked entities associated with the Reliance ADA Group, which were allegedly used as conduits 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 search operations also covered the premises of three individuals — the former CFO of RHFL, the former Secretarial Head of the Reliance ADA Group, and the former Chief Treasury Consultant of RHFL.

The searches were conducted on the strength of search warrants issued by the Special Judge for CBI Cases, Mumbai.

The agency said the searches resulted in the seizure of incriminating documents and that further investigation is continuing.

The CBI said it has registered seven FIRs against Reliance Communications Ltd. (RCom), Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL) and Reliance Telecom Ltd. (RTL) based on complaints received from various public sector banks and the Life Insurance Corporation of India (LIC).

According to the agency, the total alleged loss to public sector banks and LIC in these seven cases is about Rs 27,337 crore.

The CBI said it had earlier conducted searches at 38 locations, filed four chargesheets and arrested seven accused persons in the Reliance ADA Group cases. It added that all the accused are currently in judicial custody.

The agency said the investigation in these cases is being monitored by the Supreme Court and reiterated its commitment to conducting an expeditious and comprehensive probe.

–IANS

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