CBI Raids 17 Locations In Mumbai Over ₹27,000-Crore Reliance ADAG Bank Fraud Probe

Mumbai, May 9: The Central Bureau of Investigation (CBI) has intensified its probe into the Anil Ambani-led Reliance ADAG Group, carrying out fresh searches at 17 locations across Mumbai in connection with alleged bank fraud cases involving over Rs 27,000 crore linked to Reliance Telecom, Reliance Commercial Finance and Reliance Home Finance.

The agency said the searches targeted premises linked to the group companies and intermediary firms suspected of diverting public money through complex financial transactions.

Searches conducted at residential and office premises

These searches were conducted at the residential premises of the company directors as well as at the office premises of intermediary companies whose accounts were allegedly used for diversion of funds obtained from banks and financial institutions.

Officials said the agency carried out the searches on the basis of warrants issued on Friday by a special CBI court in Mumbai.

During the operation, investigators allegedly recovered incriminating documents and financial records linked to the transactions under scrutiny.

CBI probes suspected fund diversion network

The central agency claimed that multiple intermediary firms under scrutiny were operating from the same address, raising suspicion over the financial network allegedly used for diversion and layering of funds.

Officials said investigators are continuing to examine financial records and other evidence recovered during the searches.

Multiple cases registered against group companies

The latest searches come amid a wider crackdown on the Anil Ambani-led Reliance Group.

Over the past few months, the CBI has registered seven cases based on complaints filed by various public sector banks and the Life Insurance Corporation of India (LIC).

The complaints relate to alleged financial irregularities and fraud involving loans amounting to Rs 27,337 crore.

Two executives arrested in earlier probe

Earlier, the CBI had conducted searches at 14 locations shortly after registering the FIRs.

Subsequently, the agency arrested two senior executives of Reliance Communications, D. Vishwanath and Anil Kalya, on April 20 in connection with the alleged diversion and utilisation of funds.

Both are currently in judicial custody.

Officials said Vishwanath handled the overall banking operations of the group, while Kalya allegedly assisted in fund utilisation, payment management and coordination of financial transactions linked to the companies under investigation.

Supreme Court monitoring investigation

The investigation into the alleged bank fraud involving the Anil Ambani-led group is currently being monitored by the Supreme Court of India.

During Friday’s hearing, the apex court observed that it was “extremely shy” of directing the arrest of any individual in the matter, while clarifying that it would not express any opinion on the correctness of arrest or non-arrest as the investigation by the CBI and the ED remains underway.

The Supreme Court, however, allowed the investigating agencies to continue their probe and sought status updates in the matter, which involves allegations of diversion of public money through layered corporate structures and intermediary entities.

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Officials said the agencies are now examining the financial trail, utilisation of loan funds, role of shell entities and internal approvals linked to the transactions under scrutiny.

There was no immediate response from the Reliance ADA Group or the companies named in the CBI FIRs regarding the latest CBI searches.

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