CBI searches 17 premises in Mumbai in 3 cases against Reliance ADA Group

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 mdash Reliance Telecom Limited Reliance Commercial Finance Limited and Reliance Home Finance Limited mdash and their directors news agency PTI reported quoting officersldquoThese searches are being conducted at the residential premises of directors of the abovementioned companies as well as at the office premises of intermediary companies whose accounts were used for diversion of bank fundsrdquo a CBI Spokesperson said in a statementNo immediate reaction was available from the companiesThe 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 saidThe total quantum of the alleged loss suffered by banks and the Life Insurance Corporation LIC of India in these cases is Rs 27337 crore they addedldquoSearches have also revealed that multiple intermediary companies were operating from same address The investigation is continuingrdquo the statement saidThe federal agency has lodged seven cases against the Anil Ambaniled Reliance Group based on complaints from various public sector banks and the LIC in connection with alleged frauds involving thousands of crores of rupeesThe CBI had conducted searches at 14 locations in the last few months immediately after the registration of these casesThe agency has arrested two senior executives of RCom mdash joint president D Vishwanath who was the overall incharge of the grouprsquos banking operations and vicepresident Anil Kalya who had actively supported Vishwanath in managing the banking operations and payments and utilisation of funds mdash on April 24ldquoBoth the accused persons are presently in judicial custody The investigation into the cases relating to the Anil Ambaniled Reliance Group is being monitored by the Supreme Courtrdquo the statement saidLoan fraud case Delhi court extends Anil Ambanirsquos former aides ED custody till May 15Last week a Delhi court extended the judicial custody of two former senior officials of the Anil Ambaniled Reliance Group mdash Amitabh Jhunjhunwala and Amit Bapna mdash till May 15 in connection with a money laundering probe linked to Reliance Home Finance Limited RHFL news agency IANS reportedThe 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 custodyJhunjhunwala and Bapna were produced before the Rouse Avenue Court after the expiry of their previous judicial custody Jhunjhunwala was produced via videoconferencing from jail due to his poor health The court directed the jail authorities to submit a report on Jhunjhunwalarsquos health conditionJhunjhunwala 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 CBIThe 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 tenureJhunjhunwala 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 decisionmakers in the functioning of RHFL and RCFL during the relevant period sources saidBapna 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 scrutinyWith PTI and IANS inputs