Mumbai: The Central Bureau of Investigation (CBI) intensified its crackdown on the Anil Ambani-led Reliance ADA Group on Saturday, conducting extensive searches at 17 locations across Mumbai. The operation targeted the residential premises of directors and the offices of several intermediary companies linked to M/s Reliance Telecom Ltd, M/s Reliance Commercial Finance Ltd, and M/s Reliance Home Finance Ltd. These searches, authorized by a special CBI court on May 8, led to the seizure of what officials described as incriminating documents and revealed a network of shell companies operating from shared addresses to divert bank funds.
This latest action is part of a broader investigation involving seven cases registered against the group following complaints from various Public Sector Banks and the Life Insurance Corporation (LIC). The total loss to the national exchequer and financial institutions is estimated at a staggering ₹27,337 crores. Investigations suggest that accounts of intermediary companies were systematically used to siphon off funds originally intended for corporate operations. The probe, which is being closely monitored by the Supreme Court, has already seen the arrests of two senior executives, D. Vishwanath and Anil Kalya, who remain in judicial custody for their alleged roles in managing these fraudulent banking operations.
