09 May,2026 08:40 PM IST | Mumbai | mid-day online correspondent
CBI has lodged seven cases against the Anil Ambani-led Reliance Group based on complaints from various public sector banks and the LIC. FILE PIC
The Central Bureau of Investigation (CBI) on Saturday conducted searches at 17 premises in Mumbai in connection with three cases registered against Reliance ADA Group companies - Reliance Telecom Limited, Reliance Commercial Finance Limited, and Reliance Home Finance Limited - and their directors, news agency PTI reported, quoting officers.
"These searches are being conducted at the residential premises of directors of the above-mentioned companies as well as at the office premises of intermediary companies whose accounts were used for diversion of bank funds," a CBI Spokesperson said in a statement.
No immediate reaction was available from the companies.
The CBI got a search warrant issued from a special court in Mumbai on Friday. The searches have led to the seizure of incriminating documents, the officials said.
The total quantum of the alleged loss suffered by banks and the Life Insurance Corporation (LIC) of India in these cases is Rs 27,337 crore, they added.
"Searches have also revealed that multiple intermediary companies were operating from same address. The investigation is continuing," the statement said.
The federal agency has lodged seven cases against the Anil Ambani-led Reliance Group based on complaints from various public sector banks and the LIC in connection with alleged frauds involving thousands of crores of rupees.
The CBI had conducted searches at 14 locations in the last few months, immediately after the registration of these cases.
The agency has arrested two senior executives of RCom - joint president D Vishwanath, who was the overall in-charge of the group's banking operations, and vice-president Anil Kalya, who had actively supported Vishwanath in managing the banking operations and payments and utilisation of funds - on April 24.
"Both the accused persons are presently in judicial custody. The investigation into the cases relating to the Anil Ambani-led Reliance Group is being monitored by the Supreme Court," the statement said.
Last week, a Delhi court extended the judicial custody of two former senior officials of the Anil Ambani-led Reliance Group - Amitabh Jhunjhunwala and Amit Bapna - till May 15 in connection with a money laundering probe linked to Reliance Home Finance Limited (RHFL), news agency IANS reported.
The special judge, Prevention of Money Laundering Act (PMLA), at the Rouse Avenue Courts allowed the Enforcement Directorate (ED) plea for further custodial interrogation and extended their custody.
Jhunjhunwala and Bapna were produced before the Rouse Avenue Court after the expiry of their previous judicial custody. Jhunjhunwala was produced via video-conferencing from jail due to his poor health. The court directed the jail authorities to submit a report on Jhunjhunwala's health condition.
Jhunjhunwala and Bapna, who are close aides of industrialist Anil Ambani, were arrested by the ED under the Prevention of Money Laundering Act (PMLA). The arrests were made on the basis of multiple Enforcement Case Information Reports (ECIRs) registered following cases filed by the Central Bureau of Investigation (CBI).
The case pertains to alleged financial irregularities involving group entities such as Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), in which the two are suspected to have played key roles during their tenure.
Jhunjhunwala, who earlier served as Group Managing Director of the Reliance Group and Vice Chairman and Director of Reliance Capital Ltd, is alleged to have been among the key decision-makers in the functioning of RHFL and RCFL during the relevant period, sources said.
Bapna, who served as Chief Financial Officer of Reliance Capital Limited and Director of RHFL, is also alleged to have been involved in the financial decisions that are now under scrutiny.
(With PTI and IANS inputs)
