CBI. searched 15 places

The CBI on Saturday conducted searches at 15 premises in Delhi and Mumbai in connection with the cases registered against Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL), officials said.

The agency spokesperson said in a statement that the searches covered 23 interconnected entities linked to Anil Ambani-led Reliance ADA Group.

These campuses are located in two cities – Mumbai and Delhi.

“…interconnected entities linked to the group were allegedly used as a vehicle to transfer bank funds borrowed by RCFL and RHFL to other Reliance ADA group companies, causing wrongful loss to the lending banks,” the spokesperson said.

The search was conducted after obtaining a warrant from a special court in Mumbai.

It said the searches also included “the premises of three persons, namely the former CFO of RHFL, the former secretarial head of Reliance ADA Group and the former Chief Treasury Advisor of RHFL”.

CBI has registered seven FIRs against Reliance Communications Limited (RCom), RHFL, RCFL and Reliance Telecom Limited (RTL) based on complaints received from various public sector banks and LIC.

“The total alleged loss to PSBs/LIC in these seven cases is approximately Rs 27,337 crore. The CBI has previously conducted searches at 38 locations, filed four chargesheets and arrested seven accused persons in the Reliance ADA Group cases,” the statement said.