The Central Bureau of Investigation conducted searches at 15 premises in Delhi and Mumbai on Saturday, targeting cases registered against Reliance Commercial Finance Ltd. (RCFL) and Reliance Home Finance Ltd. (RHFL). According to the CBI spokesperson, the searches covered 23 interlinked entities associated with the Reliance ADA Group, led by Anil Ambani. The premises are located in two cities - Mumbai and Delhi, with the searches conducted after securing warrants from a special court in Mumbai. The searches also covered the premises of three individuals, namely the former CFO of RHFL, the former Secretarial Head of the Reliance ADA Group, and the former Chief Treasury Consultant of RHFL. As per the latest CBI statement, investigators searched 23 interconnected entities allegedly associated with the group, which are suspected of acting as conduits for diverting bank funds borrowed by RCFL and RHFL to other Reliance ADA Group companies. The agency alleged that the diversion of funds resulted in significant losses to lending banks, with officials seizing documents described as incriminating during the searches.
The Central Bureau of Investigation has filed a fourth chargesheet in its investigation into the alleged Reliance Communications Ltd bank loan fraud, naming Netizen Engineering Pvt. and its two directors, Anil Kalya and Tunu Sahu. According to the CBI statement, the chargesheet, filed before the Special Judge for CBI Cases in Mumbai, accuses the three of criminal conspiracy, criminal misappropriation and cheating. The agency alleged that Netizen Engineering, formerly known as Reliance Infocomm Engineering Pvt., was used by Reliance Communications as a pass-through entity for the wilful diversion of funds, resulting in wrongful losses to lending banks and corresponding gains for the accused and related entities. As per the FIR, the investigation found that Netizen Engineering Pvt. Ltd. was allegedly used by Reliance Communications Limited as a pass-through entity for the wilful diversion of funds, causing wrongful losses to lending banks while resulting in corresponding wrongful gains to the accused and related entities.
The case was registered following a complaint by the State Bank of India, with the combined exposure of public sector banks and financial institutions standing at ₹19,694.33 crore. However, the latest CBI statement reveals that the total alleged loss to PSBs/LIC in these seven cases is approximately ₹27,337 crore. The investigation involves multiple entities within the Reliance Group, including Reliance Communications Ltd., Reliance Home Finance Ltd., Reliance Commercial Finance Ltd. and Reliance Telecom Ltd. The agency had earlier filed its first chargesheet on May 29 against 16 accused, including Reliance Communications, five of its senior executives and 10 bank officials. The CBI also revealed that it has registered seven FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Telecom Limited (RTL) based on complaints received from various public sector banks and the Life Insurance Corporation of India (LIC).
With the latest filing and searches, the CBI has submitted four chargesheets across the Reliance ADA Group investigations, with more chargesheets expected as the probe progresses. According to the agency, six accused have been arrested so far in the Reliance ADA Group cases and all are currently in judicial custody. The investigation is being monitored by the Supreme Court, as reported by the CBI. The agency stated that it had earlier conducted searches at 38 locations and that further investigation remains underway to examine the role of other accused persons and additional aspects of the case. The CBI added that it had registered the case on the basis of a complaint received from the State Bank of India and that further investigation remains open to determine the role of other accused persons and examine additional aspects of the case.
